Oil companies’ spending cuts in response to the massive slump in prices since June are paving the way for the next bull run, Glencore PLC Chairman and Genel Energy PLC Chief Executive Tony Hayward said Tuesday. “The supply chain in the U.S. is being decimated,” Mr. Hayward told the FT Commodities Global Summit in Lausanne. “Even if prices recover, the ability of the supply chain to respond will be severely impaired and it will take several years to get back to where we were,” the former BP PLC CEO said. He added that oil production in the U.S. has already peaked, in the face of a clear challenge from the Organization of the Pertroleum Exporting Countries for market share. “OPEC has demonstrated it is the most effective cartel in history,” Mr. Hayward said. In the meantime, the energy sector is likely to […]