With Prices Up, Oil Executives Optimistic Yet Cautious

Deloitte’s executives survey finds industry leaders are still traumatized by the recent oil downturn.

Oil executives are much more optimistic about their industry but after one of the worst downturns in history, they are still cautious.


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In an annual survey by Deloitte, oil, gas and chemicals executives express optimism across the board.

That includes the upstream industry, which has been recovering from one of the worst downturns in history. And with the price of oil above $70 per barrel, they have good reason to.

Still, the past few years have left their mark.

"Maybe there is probably a little more cautiousness than even in past times we've gone through this cycle," John England, senior partner in Deloitte's oil, gas and chemicals practice, said. "So yeah, I think it's going to take a little while longer for companies to start probably investing as aggressively as they have in the past."

He said the industry is making increased use of digital technologies to minimize cost and maximize productivity.

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