Oil price growth won’t last, BP CEO says

Might want to consider what BP head honcho thinks about the near and mid term for global oil.  Obviously, some will disagree with BP CEO, but I would suggest at least considering his points.

Oil price growth won’t last, BP CEO says

The world has seen the oil prices rebound from lows of under $30 a barrel in early 2016 to an average of above $50 in 2017, and today they’re at $76 a barrel. So, will the growth continue, will price levels last? BP’s CEO Bob Dudley does not think so.

Both oil production and oil demand grew in 2017, however, the production growth was slowed down by production cuts by OPEC and 10 non-OPEC countries led by Russia, allowing for the oil inventories to “fall back to more normal levels.”

According to the BP’s statistical review released on Wednesday afternoon, the Brent crude averaged $54.19 per barrel in 2017, up from $43.73/barrel in 2016. This was the first annual increase since 2012. ...

Share this post

Link to post
Share on other sites