BP CEO expects oil prices at $55-$70 until 2020
Baku, Azerbaijan, Oct.11
By Leman Zeynalova – Trend:
The world is going to need energy from all sources, and oil and gas will be required to provide much of that energy for decades to come, BP Chief Executive Officer Robert Dudley said, according to BP website.
He made the remarks during the 23rd World Energy Congress in Turkey’s Istanbul.
Dudley has said he expects global oil prices to stabilize at around $55-$70 per barrel for the rest of the decade, Reuters reported.
“We are going through a time where supply has outstripped demand. Technology has continued to unlock new sources of supply – notably shale oil and gas in the US,” he added.
In previous cycles, as an industry, we have let costs drift up when prices are high, then cut back when prices fall, said Dudley, adding that from now on, the challenge is to build - and sustain - businesses that are good through all cycles.
Speaking at the event Oct.10, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said that it is not unthinkable to see oil prices at $60 per barrel by year end.
The 23rd World Energy Congress kicked off in Turkey’s Istanbul city Oct.9 and will last till Oct.13.
Running since 1924, the triennial World Energy Congress is the World Energy Council’s global flagship event that enables dialogue among ministers, CEOs and industry experts on critical developments in the energy sector.
As the world’s premier energy gathering, the Congress offers a unique opportunity for participants to better understand energy issues and solutions from a global perspective.