Oil to stay low ‘for 10 years’ according to Vitol Group chief executive Ian Taylor

Oil prices will stay low for up to 10 years as Chinese economic growth slows and the US shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house.

“It’s hard to see a dramatic price increase,” Vitol Group chief executive Ian Taylor told Bloomberg in an interview, saying prices were likely to bounce around a band with a mid-point of $50 a barrel for the next decade.

“We really do imagine a band,” probably between $40 and $60 a barrel, he said.