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BBC News - from Der Spiegel
"We cannot really count on oil prices easing very much in the near future," Lord Browne told Der Spiegel in an interview due to be published on Monday.
"But is very likely that oil prices will range in the medium term around an average of $40," he continued. "In the long run it could even be $25 to $30."
Lord Browne said that companies were finding large oil deposits in the Caspian Sea, while there was good production potential in countries such as Russia and regions including Western Africa.
He also said that improved efficiency would help boost crude extraction.
"In the past we managed to get out 20% to 30%," Lord Browne said. "At the moment it's maybe 40% to 45%. I can see no reason why we could not reach 50% or 60%."
Herald Tribune - june 7.
Alan Greenspan, the former Federal Reserve chairman, offered a grim view on Wednesday of the world's rising vulnerability to high crude oil prices, saying he was skeptical that oil producers could pump enough crude to meet future demand.