12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
21 November, London Hilton Metropole
Wings Travel Management is “cautiously optimistic” about energy sector travel in 2017 following the recent oil price rise.
The TMC welcomed the news that the price per barrel has increased, but does not expect to “immediately see any significant” rise in oil and gas related travel above this year’s levels.
Oil prices have risen over the past six weeks following an agreement by the Opec group of oil producing nations to cut output.
The price of Brent crude is up around 5 per cent on the same period last year at $54.19 a barrel.
Wings also forecasts the price of oil will remain static for the first six months of 2017, but will improve in the second half “which should stimulate growth”.
“We are cautiously optimistic about the size and scope of our energy clients business in 2017, but we may not see the effects of oil price rises until the back end of 2017,” said Paul East, chief operating officer, UK/Europe & Americas, Wings Travel Management.
“The world is a fragile place and potential conflicts flare up quickly. Depending on where these conflicts occur will affect the price of oil. Uncertainty in the US and European political space in the first half of 2017 could also impact on growth in the energy sector.
“However we are beginning to see initial signs that energy clients are getting back into exploration, which is encouraging,” said East.
He added he would like to see oil return to $60-70 a barrel. “Around 60 per cent of our clients are in the energy sector, and it’s been a very tough time for them since oil prices fell so dramatically in 2014/15. Many clients were forced to reduce costs across-the-board, including travel. But our determination to support clients through this process enabled us to identify, communicate and implement vital savings for them without comprising on traveller safety.”
Wings Travel Management made two major acquisitions this year - Travelnet Stavanger in Norway and Grosvenor Travel the UK.