Crude at 120 called 'blessing' if it speeds infrastructure investment

摘要

Vienna—Are 120/barrel oil prices too high? US-based oil analyst Matt Simmons does not think so. Speaking at a conference in Vienna this week, Simmons said 120/b oil was a "blessing," but warned the industry desperately needs to reinvest in its aging infrastructure. "High prices are in fact a blessing," Simmons said at Platts' "Securing Benchmarks and Supply: the Challenges for Crude Oil" conference. "They create vast flows of net wellhead revenue." A "wise reinvestment" of this revenue would rebuild the industry infrastructure, and transform "poverty-stricken oil producing countries into solid low and middle-class societies."