Statoil CEO sees oil price at $80 by 2018

OSLO – Statoil’s Chief Executive said on Tuesday he saw crude oil prices climbing to $80 a barrel by 2018 and repeated the price levels at which the company would have the necessary cashflow to pay out future dividends.

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„We think there will be some time before we will see a balanced market. But we have also been clear about our expectation for the oil price to rise again and we have indicated around $80 before 2018,“ Statoil CEO Eldar Saetre said.

Statoil has said before oil prices need to be at $100 a barrel in 2016, at $80 in 2017 and $60 in 2018 for the company to have the free cashflow to maintain a dividend payment.

Source: Reuters