By John Lee.
Genel Energy chief executive Tony Hayward said on Tuesday that Iraq’s output of crude oil would grow much more slowly than many expect.
He told a conference in London that the world has entered a new era of lower oil prices, which would not recover to the $110 a barrel level in the next few years. This would reduce investment and increase instability in Iraq.
According to a report from Reuters, he said it is very clear that Iraq will “not be able to deliver the quantum of production growth that is baked into people’s supply assumptions.”