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Crude Prices May Have Peaked: Rystad

OIL

Crude prices may not return to peak levels earlier this year according to Lars Eirik Nicolaisen, deputy CEO of Rystad Energy.

  • He said “The worst may be behind us” in terms of high oil prices, “Do not be surprised if we see a setback in oil prices in the years to come”
  • An economic downturn will hurt demand, especially in Europe while US shale will keep growing production and fears of Russian supply shortages from earlier this year have reduced.
  • He added reinvestment rates in new production are “underwhelming,” despite record cash flows. Industry is reinvesting 30-35% of cash flow compared with historical average of 55%.
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