The leading financiers of the United States once again recognized: no one can accurately predict the changes in market prices of oil.
Stephen Schwarzman, the Chairman of the Board of Directors and co-founder of the investment group Blackstone, said that neither financial analysts nor the representatives of the oil industry can’t predict how it will develop the price dynamics in the market.
About Schwarzman said in his speech at the 32nd conference of the Strategic Decisions, which annually holds the Finance company Sanford C. Bernstein.
“Let’s turn to the energy sector, this topic is constantly on everyone’s lips. Let’s talk about this crazy business in which almost no one knows what will happen next. Let’s just remember how moving quotes in recent years.
When at one point the oil was $120 per barrel, prices jumped even higher – to $140 per barrel. Then, when not so long ago the prices dropped to $80, everyone thought that the quotes stabiliziruemost at $60 per barrel.
Prices fell to $60, and no one could tell – maybe they will drop to $50 or will rebound to $70 per barrel. When prices fell to $24, all turned out in the cold. Come the predictions that oil, they say, will remain roughly at this level, well, or perhaps in the hallway from $25 to $35 or maybe $40 per barrel over the next year or two. Now she is worth $50 per barrel.
When prices were at $60 a barrel, I asked Rex (Tillerson, Chairman of the Board and CEO of Exxon Mobil – approx. ed.): “what do you think will happen next?”
He answered: “Well, most likely, prices will remain in the range of $20 to $120 per barrel, and we are ready to all possible options within these boundaries. I think prices will drop a bit more likely, than will grow, but maybe I’m wrong. I’ve been in this business my whole life.”
At first I thought he was joking. But, actually, he said quite seriously”.
The volume of assets managed by Blackstone Group, according to the company as of March 31, 2016, is $344 billion.
Personal fortune of Stephen Schwarzman, according to Forbes, is $9.9 billion.
