The group chief executive of BP energy giant, Bob Dudley, told reporters on Wednesday that he did not expect crude oil prices to hold up at $85 per barrel, adding that that they could go either up or down.
LONDON (Pakistan Point News / Sputnik - 10th October, 2018) The group chief executive of BP energy giant, Bob Dudley, told reporters on Wednesday that he did not expect crude oil prices to hold up at $85 per barrel, adding that that they could go either up or down.
According to Nasdaq stock exchange, Brent Crude has been trading at around $85 since the beginning of the month after a slow rise from below $80 throughout September.
"No, it's a very volatile crude world right now, it could spike up or it can go down. The decisions and announcements can drive it either way. Stocks levels are down to five-year average. [Vice Chairman of IHS Markit] Dan [Yergin] used a great phrase � markets are in balance but they are emotionally unstable," Dudley said at the Oil & Money conference in London, when asked if he expected oil prices to hold up at $85 per barrel.
Despite currently high oil prices, BP will continue to plan its budget spending based on the $60-65 per barrel range of oil prices, the group chief executive said.
"We are very disciplined with our capital spending and we will continue to be. We are planning on a cycle of $60-65 [per barrel], it's a bit up from $55 I said last year," Dudley added.
The International Monetary Fund (IMF) lowered its forecast for average oil prices in 2018 and 2019 to $69.38 and $68.76, respectively, according to its latest World Economic Outlook (WEO) report released Tuesday.
