The price of oil might never again rise past $100 a barrel, and it will stay beneath $60 for as long as 10 years, according to the boss of the world’s biggest independent oil trader.
In an interview with Bloomberg TV, Ian Taylor, CEO of Vitol Group, said: “It’s hard to see a dramatic price increase. You have to believe that there is a possibility that you will not necessarily go back above $100, you know, ever.”
The price of Brent crude, the European benchmark, peaked at about $140 a barrel in 2008 before crashing as low as $45 in early 2009.
It then recovered substantially, trading around the $100 mark for nearly three years from 2011 to 2014.
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