Western sanctions against Russia, coupled with ongoing political
instability in Libya and the advance of ISIS militants in Iraq, could
leave the global oil supply exposed and push up oil prices to $150 per
barrel, former BP chief Tony Hayward has warned.
The former CEO of BP and now chairman of Glencore Xstrata said
the recent boom in US shale production has painted an unrealistic
image of the world’s global oil supply, and created a false sense
in energy security.
“The world has been lulled into a false sense of security
because of what’s going on in the US,” Hayward said in an
interview with the Financial Times.(more)
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