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Glencore's Hayward backs OPEC's decision to defend market share

Published 27/10/2015, 08:10
© Reuters. Chairman Hayward of mining and commodity trading company Glencore Xstrata is seen during the company's annual shareholder meeting in the Zug
GLEN
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CAPE TOWN (Reuters) - Oil cartel OPEC's decision to defend market share to counter a U.S. shale boom was "completely rational" and a sustained period of low prices was on the cards, Glencore's (L:GLEN) Chairman Tony Hayward said on Tuesday.

Hayward said low prices had stimulated demand - expected this year to be 2 million barrels a day of incremental increases over 2014 - but Iran and Libya were wild cards that could affect global supply and demand dynamics.

© Reuters. Chairman Hayward of mining and commodity trading company Glencore Xstrata is seen during the company's annual shareholder meeting in the Zug

"I think we do need to be prepared for a period of sustained low prices absent any form of intervention," he told an African oil and gas conference in Cape Town.

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