Ex-BP CEO Browne: Oil Demand, Not Supply Will Peak Oil
Tuesday August 26th, 2008 / 15h05
STAVANGER -(Dow Jones)- The ex-chief executive of BP PLC (BP) John Browne said Tuesday that he expects falling oil demand to bring oil prices down, rather than an increase of supply. Speaking at the Offshore Northern Seas conference in Stavanger Norway, Browne said: "Oil demand, not supply, will peak oil." Oil prices have hit record peaks of just under $150 a barrel in the first half of 2008, although prices have since slipped back down towards $115 a barrel. Separately, quizzed on Russia's record as an energy supplier, Browne said: "In spite of all the commentary, Russia has been a pretty reliable energy supplier, notably to Europe, for many years." He added that Russia needs to retain good relationships with its customers, energy consumers, and for that reason "will always remain a reliable supplier of hydrocarbons." -By Elizabeth Cowley and Jan Hromadko, Dow Jones Newswires; +47 22 20 10 58; elizabeth.cowley@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=Vuaqfr0k0EjFVgItPQ%2F8FA%3D%3D. You can use this link on the day this article is published and the following day.
