Hayward Predicts Lower Prices and Growth

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."

(Source: Reuters)