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The first mantra of the oil crisis was “lower for longer.” Then “lower for even longer.” Now in Davos, oil executives are starting to talk -- or rather, whisper -- about a new nightmare scenario: “A lot lower for a lot longer.” Oil executives, policy makers and banks said in the first days of the World Economic Forum that a recovery will remain elusive in 2016 as major producers keep pumping and China’s fuel appetite slackens. And they fret that prices could take another hit as Iranian crude freed from sanctions flows back on to world markets.
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The first mantra of the oil crisis was “lower for longer.” Then “lower for even longer.” Now in Davos, oil executives are starting to talk -- or rather, whisper -- about a new nightmare scenario: “A lot lower for a lot longer.” Oil executives, policy makers and banks said in the first days of the World Economic Forum that a recovery will remain elusive in 2016 as major producers keep pumping and China’s fuel appetite slackens. And they fret that prices could take another hit as Iranian crude freed from sanctions flows back on to world markets.
Read more>