Don't expect a bounce any time soon. That's the verdict on beaten-down oil prices from business leaders and experts gathered in Davos for the World Economic Forum.
"I don't see oil coming back up very quickly. There is a lot of oil in storage at the moment, so that will take some time to work through," Peter Terium, the CEO of Germany's biggest power producer RWE, told CNBC in Davos Wednesday.
"It's not just a blip, it's something that will have a lasting impact on things such as deflation and industrial development," he added.
Brent crude oil prices slid almost 50 percent last year in the biggest annual drop since 2008, amid weakening demand and a refusal by the Organization of the Petroleum Exporting Countries (OPEC) to cut supply. OPEC is an oil–producing group that provides about a third of the world's supply.