Oil producers, refiners and traders are bracing for a touch year. Thousands gathered in London this week to discuss the future of the the oil industry for the International Petroleum Week and came a common concussion: “There are few reasons for optimism. The world is awash with oil. The market is overwhelmingly bearish.” Many people, including Ian Taylor, chief executive officer of Vitol Group, believe that prices will stay low for up to a decade.
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