UK oil and gas multinational BP forecasts oil prices to stand between $50 and $65 per barrel over the next 3-4 years, company CEO Bob Dudley said Tuesday
LONDON (Pakistan Point News / Sputnik - 26th February, 2019) UK oil and gas multinational BP forecasts oil prices to stand between $50 and $65 per barrel over the next 3-4 years, company CEO Bob Dudley said Tuesday."We plan BP's [activity based on] the price of $50-$65. That's the planning of the company, but it could go up and down. As long as we keep our discipline, that's how we see the future for the next 3-4 years," Dudley said at the International Petroleum Week conference in London.
For all global oil producers, prices between $50 and $70 per barrel are most convenient, according to Dudley.
"The world works well in the fairway of $50-$70 per barrel, the world can work with production in the state of balance," the group chief executive said.
On Friday, oil prices fell just below $67 per barrel after the United States hit another record in oil production by pumping 12 million barrels per day, undermining efforts of other major oil producers, including Saudi Arabia and Russia, at limiting their production to stabilize the market.
