Exxon Mobil CEO Rex Tillerson has offered his opinion on oil prices, and he thinks they are here to stay. “People need to settle in for a while,” he explains. According to Tillerson, the price of oil will remain low for the next two years due to abundant supply and relatively low economic growth.
He isn’t the only one to come to this conclusion either. Bob Dudley, CEO of BP has expressed similar views. Dudley acknowledges with the production of oil exceeding demand coupled with weak global economic growth, resulting in stockpiles forming will cause the price to remain low for the foreseeable future. “When you have that much storage out there, it takes a long time to work that off,” says Dudley.
But who is being affected the most by these low oil prices? Take a look at Bloomberg Business’s evaluation of the situation in the video below.