The chief executive of ConocoPhillips said he expects oil prices to recover next year as investment in new oil output facilities falter.
Ryan Lance made the comments as he spoke to journalists in Doha at the International Petroleum Technology Conference (IPTC) in Doha.
He said: “I expect capital investment budgets next year will be flat to lower. So we have to expect some additional decline in supply as we go through to 2016. The market will rebalance, that’s what happening.”
Shell boss Ben Van Beurden made a speech earlier in which he said technology will be key to battling climate change.
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