Era of Low Oil Prices is Over, Chinese Oil Exec Says

The comments indicate the Chinese may be making more bullish price assumptions than their Western counterparts when they look at new projects. Chinese firms have been aggressive bidders for petroleum assets around the world, driven by the country’s booming demand for energy.

Western oil companies continue to invest conservatively, keen to ensure projects remain profitable even if oil prices fall. The head of the International Energy Agency, watchdog for the Organization of Economic Cooperation and Development, said Western oil companies should scrap lowball price forecasts that are keeping them from investing in new oil fields.
IWon