SINGAPORE, Jan 13 (Reuters) - A recovery in oil prices to around $70-80 a barrel is needed to raise crude production, Danish company Maersk CEO said on Tuesday. "Existing fields -- conventional oil -- are depleting. New sources need to be found such as deepwater, oil sands. These projects require higher prices than $45 to $50 a barrel."
"$70 to $80 is the level you need to expand production," Maersk Chief Executive Nils S Andersen told reporters at a function in Singapore.
Denmark's A.P. Moller-Maersk
U.S. crude