Oil is a volatile commodity, and the market is being reminded of that, Elias Kassis told an audience gathered for a forum discussing Lebanon’s oil and gas potential held May 26 in Beirut.
Kassis is the vice president of the Middle East and North Africa division of Total, the French oil and gas “supermajor.” Last year marked the end of a nearly decadelong run during which a barrel of oil sold for more than $50 on average. Prices began to fall in June 2014, and — as of press time — were still below $50 despite briefly surpassing that threshold on May 26. Just a few years ago, analysts were arguing that $100 oil was “the new normal.”