ConocoPhillips CEO:Oil Price,Demand Stay Weak Through '09
March 19 2009 - 8:06AM
Dow Jones News
Global oil demand and prices are unlikely to start recovering
before 2010, said ConocoPhillips Chairman and Chief Executive Jim
Mulva Thursday.
"I expect some modest stabilization in the economy, which will
see demand increase a little as we go into 2010. As that happens,
we'll also see some moderate increase of the (oil) price level to
around $60 to $70 a barrel over time," Mulva said, speaking on the
sidelines of an Organization of Petroleum Exporting Countries
conference in Vienna.
"$40 to $50 (a barrel) is a high probability to the end of this
year, but to the extent the economy stabilizes, potentially the
price could go a little bit above $50," Mulva said.
-By Flemming E. Hansen, Dow Jones Newswires; +43 1 513 69 22 10;
flemming.hansen@dowjones.com