May 14, 2015 / 4:26 PM / 3 years ago

BRIEF-Ex BP chief Hayward says oil market sowing seed for price rebound

NEW YORK, May 14 (Reuters) - * A global slowdown in oil drilling amid a price slump is sowing the seeds for a strong price rebound, according to Tony Hayward, chief executive of oil producer Genel Energy and ex-chief of oil major BP .

* The Saudi Arabia decision not to cut production despite a price slump has “stopped the growth of U.S. shale dead in its tracks” Hayward said.

* The scale of the investment drop and reduction of supply chain in global oil market will lead to a price rise “in not too distant future,” Hayward said. (Reporting By Edward McAllister)

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