BP’s Bob Dudley: Oil Will Be Lower Than You Think For Longer

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Interviewed on the BBC, Dudley, the CEO of BP said:

Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices. A low point could be in the first quarter’ Dudley told BBC radio.
Oil prices fell by 34 percent in 2015 battered by prolonged global oversupply and a slowdown in energy-hungry China’s economy.
Dudley predicted that prices could stabilize toward the end of the year but would remain low for the forseeable future.


Dudley said a more natural balance between supply and demand could come back in the third and fourth quarter of this year, after which stock levels could start to wear off.