The IP Week conference, an annual oil industry conference that took place in London showed that the situation with the global oil supply glut is unlikely to improve in the near future. Experts see no reason for optimism with oil prices following a long-term bearish trend. Leading oil producers believe the challenging situation will remain at least for a year. However, there are gloomier forecasts. According to Vitol, the world’s largest oil trading house, oil prices will stay low for as long as 10 years around a band between $40 and $60 a barrel. Oil refineries that have somewhat higher profits because of higher prices for their products also see no prospects. BP Chief Executive Officer Robert Dudley said that every tank and swimming pool in the world is going to be filled with oil as storage tanks will fill up soon. Meanwhile, Goldman Sachs commodity strategist Jeff Currie sees a potential for oil price to drop below $20 a barrel. Supply exceeds demand by 1.7 million barrels a day. So a supply cut of 1 million barrels would make prices more “reasonable,” Rosneft CEO Igor Sechin said. However, Rosneft is focused on preserving its traditional markets against the competition. According to Wood Mackenzie, less than 0.1% of global production has been halted so far as oil companies are ready to run at a loss just to keep their clients. Thus, Iran and Saudi Arabia are providing discounts to attract new customers.