April 24, 2008 / 6:04 PM / 10 years ago

Suncor CEO says current oil prices unsustainable

(In U.S. dollars)

CALGARY, Alberta, April 24 (Reuters) - Current oil prices of around $115 a barrel are not sustainable over the long term, but the oil industry needs at least $75 a barrel to bring on increasingly tougher-to-find reserves, Suncor Energy Inc (SU.TO) Chief Executive Rick George said on Thursday.

“To keep those new supplies coming on, which are going to be smaller and smaller, you’re going to need a good oil price. I just don’t think you’re going to need $115,” George told reporters after Suncor’s annual meeting.

He said the current floor for the industry to operate could be in the $75-$80 a barrel range. (Reporting by Jeffrey Jones; Editing by Peter Galloway)

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