Shell forecasts oil price recovery to $90 by 2020
The Anglo-Dutch energy giant is betting on crude rising to $90 a barrel by 2020, a key assumption in its move to buy rival BG Group for $70bn to help transform it into a leading player in the costly deep water oil production and liquefied natural gas markets.
“We are not banking on an oil price recovery overnight. It will take several years but we do believe fundamentals will return,” said Andy Brown, upstream international director at Shell, who oversees oil and gas production outside North America.
