Crude oil companies could face more pain in the next decade, as producers may not cut contributions to an already oversupplied market, short seller Jim Chanos contended Thursday.
The Kynikos Associates founder noted he was short most “major leveraged oil companies.” While he did not give a specific prediction for the price of oil, Chanos contended OPEC may not slow production, keeping supply high.
“If I was a member of OPEC, I’d be pumping as much as I could today while it’s worth something because it might not be worth a whole lot by 2030,” he told CNBC’s “Closing Bell.”
Read MorePro Uncut: The full interview with Jim Chanos
Crude oil dipped once again Thursday. West Texas Intermediate andBrent crude prices have both fallen more than 40 percent this year, putting pressure on companies’ balance sheets and dividends.
[“source -cncb”]
