All countries observe oil output cuts agreement — Russian energy ministerBusiness & Economy January 22, 16:59
Rogozin calls "dangerous incident" UK botched missile launchRussian Politics & Diplomacy January 22, 16:32
Medvedev calls United Russia ruling party, president's main resourceRussian Politics & Diplomacy January 22, 16:27
Mutko calls silly information Infantino asks him not to run for RFU headSport January 22, 16:24
Seven parties to participate in Syrian talksWorld January 22, 9:54
Russia’s Pavlyuchenkova reaches Australian Open quarterfinalsSport January 22, 7:19
IBU Executive Board finds no grouns to suspend Russia's biathlon teamSport January 21, 22:53
Russia terrified watching monuments destroyed in Palmyra — culture ministerRussian Politics & Diplomacy January 21, 17:08
Russian bombers deliver successfully strikes on terrorists' facilities in SyriaWorld January 21, 15:39
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.