Monday, May 25, 2020

Aker Braces for Oil Price to Stay Low for Long

May 8, 2020

Oeyvind Eriksen - Credit; Aker Energy

Aker ASA, a major investor in Norway's oil and oil service industries, is preparing its businesses for an extended period of low crude prices, its chief executive said on Friday

"I don't expect the oil market to come into balance during the next couple of years... due to the underlying supply and demand mechanics being impacted by storage (overhang)," Oeyvind Eriksen told Reuters.

Aker, the largest shareholder of oil and gas producer Aker BP as well as Aker Solutions (AKSO.OL) and Kvaerner (KVAER.OL), is considering investing more in renewable energy, but has not yet made a final decision, he added. 

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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