Energy Risk Europe 2012: Oil price “much lower” in 10 years – Credit Suisse
A slowdown in Chinese oil demand growth coupled with increasing supply will mean oil prices will be much lower in 10 years, forecasts Ric Deverell, head of commodities research at Credit Suisse
Expect oil prices to be a lot lower in 10 years' time due to technological advances on the supply side and demand destruction in Europe and the US, and falling demand growth in China, says Ric Deverell, head of commodities research at Credit Suisse.
"My very bold call is that oil prices will be much lower in 10 years than where they are now," he said, speaking at Energy Risk's European conference.
Deverell drew reference to current prices being well above historical averages. In real terms
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