Genel's Hayward may Step Down

By John Lee.

Genel Energy's chief executive has said he may step down as CEO as early as the end of this year to become Chairman.

Reuters reports that Tony Hayward (pictured) also told the FT Commodities Summit in Lausanne, Switzerland, on Wednesday that low oil prices will trigger consolidation in the oil industry in Iraqi Kurdistan, potentially making Genel both a consolidator and an acquisition target.

But the Financial Times says he also predicted oil prices would soon return to near $80 a barrel, describing the Organization of Petroleum Exporting Countries (OPEC) as "the most successful cartel in history."

(Sources: Reuters, FT)