BP’s Dudley Sees Oil Markets Balancing With $50 Crude This Year
- Oil major’s CEO expects price of $50 to $60 a barrel next year
- Will maintain discipline as return to $100 not likely soon
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Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc Chief Executive Officer Bob Dudley said.
“Global supply and demand recently have moved toward a better balance, and we expect this trend to continue into the second half of 2016 and probably reaching a balance by the end of the year on a daily basis," Dudley said in a speech to the Economic Club of Washington, D.C. As stockpiles are drawn down, oil prices will probably reach $50 per barrel by the end of the year and $50 to $60 next year, Dudley added.