Investing.com UK - Financial Markets Worldwide
⚠ NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

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
-

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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.