Shell CFO Expects Oil Rebound as Shale Fails to Fill Supply Gap
Simon Henry, CFO, Royal Dutch Shell Plc
Article by Firat Kayakiran and Jonathan Ferro published 3 June 2015 by Bloomberg.com
Royal Dutch Shell Plc sees oil prices increasing because supply from shale drilling in the U.S. won’t be enough to meet increasing global demand.
The industry needs to find an additional 4 million barrels to 5 million barrels a day of supply every year to meet rising demand and replace depleted fields, Shell Chief Financial Officer Simon Henry said in an interview on Tuesday.
“Lower oil prices increase demand and reduce investment, and it already has,” Henry said. Global demand of about 93 million barrels a day is increasing by 1 million every year, he said in London.
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