District head: all people on board Robinson helicopter in Transbaikal deadWorld October 24, 8:16
Sergey Ivanov: Russia is ready to open new page in relations with U.S. after electionsRussian Politics & Diplomacy October 24, 4:10
Qatari former Emir Sheikh Khalifa bin Hamad Al Thani dies aged 84World October 23, 23:08
Russia’s health ministry plans to build vaccines plant in EcuadorBusiness & Economy October 23, 20:19
Cygnus cargo spacecraft docks to ISSScience & Space October 23, 19:44
Whereabouts of several residents of blast-destroyed house in Ryazan not yet establishedWorld October 23, 18:50
Zakharova: no cyberattack on Russian foreign ministry’s websiteRussian Politics & Diplomacy October 23, 18:29
Russian Minister of Energy: Russia, Saudi Arabia begin new stage of energy cooperationBusiness & Economy October 23, 17:32
Russia not ready to say whether it will cut oil production or freeze itBusiness & Economy October 23, 17:29
NEW YORK, April 22. /TASS/. Robert Dudley, CEO of oil and gas giant BP, has said on Tuesday current oil price is unlikely to change significantly soon.
There are no reasons for "oil price rebound," Dudley told the annual international conference IHS Energy CERAWeek in Houston. Production continues to grow everywhere, including in Russia despite Western sanctions, while Chinese demand has stagnated and Iranian oil could soon return to the world market as part of nuclear deal between Tehran and Sextet of international mediators, Dudley noted.
"Lower for longer if the way you’d describe our view," he said.
BP will postpone some of its exploration projects while oil prices remain at the current level, Dudley noted. However, the company will continue drilling in the Gulf of Mexico, developing a major gas project in Egypt and an Alaska LNG (liquefied natural gas) project. Dudley also said he does not rule out new investment in Russia’s energy sector.
All projects have to be "super competitive" amid capital reductions made in response to lower oil prices, Dudley said.