Baku, Azerbaijan, June 3
BP will be comfortable for the next five years with the oil price between $50 and $60, BP Group Chief Executive Robert Dudley told TASS.
“It may be lower a little bit or may be above it for short periods of time but at the moment, if you ask me about the supply and demand, I would say 50 to 60,” Dudley said. “I do not believe we will see $100 in the next five years nor do I think we will see $20.”
“I think price of 50 to 60 is actually healthy for the world because for consuming countries it is a fair price for energy and for producing countries it is a fair price for their product,” he noted.
The demand of oil being produced and oil consumed is equal now, according to Dudley.
“OPEC has a goal of getting the stock level down to the average of the last five years. That’s a lower number,” he said.
“So I think we are heading in that direction. I think there are some variables, such as demand for production that comes from Libya, Nigeria, Venezuela; there is still uncertainty around that, so there are some factors that can drive production up and down a little bit but I think we are on the right track in terms of stock levels before.”