May 7, 2020 / 8:40 AM / a month ago

Equinor CEO: it may take until 2022 to see more balanced oil market

OSLO (Reuters) - More global oil production curtailments will be needed to reduce the gap between supply and demand and normalise the oil market, the chief executive of Norway’s Equinor said on Thursday.

Eldar Saetre, who led the company through the previous market downturn in 2014-2016, said he did not believe in a quick market rebound, with some analysts predicting prices recovering to $50 and above already next year.

“I don’t believe in that ... There is still a huge (supply) overhang and it could take us until 2022 before we can see a more normal market,” he told Reuters after the company presented its quarterly results.

Reporting by Nerijus Adomaitis, editing by Gwladys Fouche

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