Petrofac: Oil to hit US$75-US$80 level

KUALA LUMPUR: Oil prices will return to a level which will encourage new investments and allow the industry to keep up with global demand, according to Petrofac Ltd group chief executive officer Ayman Asfari.

“The recovery may not be to a high of US$100 per barrel, but close to US$75 to US$80 per barrel,” he told delegates attending the 18th Asia Oil and Gas Conference 2015.