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.