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Oil Bosses See More Pain as Price Recovery Slips to 2020

  • It could be at least 2020 before slump ends, Pouyanne says
  • ‘Lower for longer’ is new normal: Baker Hughes CEO Simonelli
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Why OPEC Cuts May Not Prevent Oil Falling Below $40

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Three years into the biggest oil downturn in a generation, industry bosses see the recovery slipping further from view.

It could easily take until the end of the decade for better times to return to an industry that’s already endured a longer slump than most people expected, according to Total SA Chief Executive Officer Patrick Pouyanne and Weatherford International Plc head Mark McCollum. Executives gathering at the World Petroleum Congress in Istanbul said they’re still focused on repairing battered finances and resetting their operations to withstand low prices.