February 7, 2018 / 10:30 AM / 16 days ago

Statoil CEO sees 2018 oil price below $70 per barrel

LONDON, Feb 7 (Reuters) - The price of crude oil will likely come under pressure later this year from rising output at U.S. onshore developments as well as conventional fields, Chief Executive Eldar Saetre told Reuters on Wednesday.

“I think we will most likely be below $70 a barrel,” he said when asked about expectations for crude prices in 2018.

North Sea Brent crude currently trades at a spot price of $66.9, down from $70.78 in late January. (Reporting by Nerijus Adomaitis, writing by Terje Solsvik, editing by Gwladys Fouche)

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