By Reuters May 18, 2018 5:28:36 PM IST (Published)
BP Chief Executive Bob Dudley expects a flood of US shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week.
BP Chief Executive Bob Dudley expects a flood of US shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week.
US President Donald Trump's decision to exit an international nuclear deal with Iran and revive sanctions on the OPEC member country, as well as Venezuela's plummeting output, has helped to lift oil prices to their highest since 2014.
But BP sees oil falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production, Dudley told Reuters.