BUSINESS

Exxon CEO: Get used to lower oil prices

Staff Writer
Columbus CEO

NEW YORK (AP) — Exxon Mobil CEO Rex Tillerson expects the price of oil to remain low over the next two years because of ample global supplies and relatively weak economic growth.

Speaking at the company's annual investor meeting in New York, Tillerson cautioned that geopolitical turmoil could unexpectedly send prices higher. But he said that if tensions calm, much more oil is ready to hit the market — a market that is already flush with crude oil.

Exxon's presentation to investors outlining its business plans through 2017 assumes a price of $55 a barrel for global crude. That's $5 below where Brent crude, the most important global benchmark, traded on Wednesday. It's about half of what Brent averaged between 2011 and the middle of last year.