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Equinor CEO sees oil prices staying at around $60 a barrel

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By Reuters
Equinor CEO sees oil prices staying at around $60 a barrel
FILE PHOTO: Equinor CEO Eldar Saetre poses for a picture in Oslo, Norway May 3, 2019. REUTERS/Nerijus Adomaitis.   -   Copyright  NERIJUS ADOMAITIS(Reuters)
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OSLO (Reuters) – Oil prices are set to stay at around $60 a barrel in the short and medium term, and will likely increase afterwards, the chief executive of Norwegian energy firm Equinor <EQNR.OL> said on Tuesday.

“I believe that $60, plus or minus, is still a reasonable assumption for the short to medium term,” Eldar Saetre told Reuters on the sidelines of an industry conference.

The oil market has yet to feel the inevitable supply impact from investment cuts that took place during the industry’s 2014-2016 slump, he added.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)