The signing of the Paris Agreement by nearly 200 countries at the end of 2015 marked the arrival of a new era for global climate governance after 2020. At the beginning of the ensuing year, oil prices plummeted to below 30 dollars a barrel, the lowest ever level since 2005, which led to significant decreases in oil and gas industry profits. In the context of low oil prices and decarbonisation, what prospect does the oil industry hold for its development? What will be the trend of future oil prices? Will oil prices be lower for longer? Will a rebound in oil prices be likely in 2016?
Being the host country for the UN FCCC COP21, the French oil industry has some unique insights to share.
On January 26th, Mr. Didier Houssin, Chairman and CEO of the French Petroleum Institute (IFP Energies Nouvelles) addressed the BEC on topics including the volatility of oil prices, the implications of U.S. shale revolution, and prevention of risks for the oil and gas industry.