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Oil crisis likely "will continue a little longer," Occidental Petro CEO says

  • Occidental Petroleum (NYSE:OXY) CEO Vicki Hollub predicts U.S. oil prices will rise to "a solid $50 or above" over the next 12 months but that it is still too soon to say the oil crisis over.
  • "Inventories need to come down more," she tells Fortune. "There needs to be more certainty around the price today. Although we're close to $50, there's still uncertainty in the markets around whether it's going to stay at $50 or whether it's going to go lower."
  • Hollub also says OXY expects to raise oil production over the next few years to pre-downturn levels, up by 80K boe/day, or ~14% over the company's 2016 output from ongoing operations.

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