BP CEO: Oil Likely to Stay Over $40/Bbl for 3 to 4 Yrs – FT

World oil prices are likely to remain at more than $40 a barrel until new supplies come onstream in three to four years, said John Browne, chief executive of BP Plc (BP), The Financial Times reported on its Web site Tuesday.

He made his comments in a debate in the House of Lords on Wednesday night, the report said.

“Once spare capacity is restored – and that is a reasonable expectation over the next three or four years as new supplies from the Caspian and Angola and some OPEC member states come onstream – prices might moderate,” he said, according to report.
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