Chevron, the US oil group, has raised sharply its expectation of future oil prices and cut its target for production growth, as it highlighted the steep rise in costs in the industry.
John Watson, chief executive, told analysts at a meeting in New York that the company was “bullish on oil” because of output declines at mature fields, political constraints on production in many parts of the world and the rising cost of finding and developing new oilfields.
Chevron has raised the price assumption it uses when setting out its projections for investors from $79 per barrel for Brent crude to $110 per barrel, its average over the past three years.
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