Norway Oil Minister Expects $50/Bbl Oil — Market Talk

1333 GMT Norway’s oil minister Tord Lien says he expects the Brent oil price to rebound to a level above $50 a barrel “in not too long,” as the current $45 a barrel is insufficient to trigger investment in new supply to satisfy future demand. Mr. Lien says he’d like to see a somewhat higher oil price, as domestic oil activity would be higher at $60 a barrel. Says a rebound to $115 to $120 a barrel–levels last seen in 2014–would be too high, so the balancing point is somewhere in between $45 and $115 a barrel. (kjetilmalkenes.hovland[a]wsj.com)

 
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