| Byron Wien, the 79 year-old chairman of Blackstone Group LP’s advisory services unit, is forecasting an annual drop in oil prices for the first time in his career as swelling production pushes global inventories higher.
Wien, who joined the world’s biggest private-equity firm in 2009, said the U.S. will extract more crude by fracking rocks and expects the furor over a potential conflict with Iran to dissipate. Brent crude lost 2.8 percent last month after surging 14 percent in the first quarter on concern Iran may disrupt Middle East exports in retaliation for a European oil embargo...............................................Full Article: Source
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