22nd Jan 2015 11:39
LONDON (Alliance News) - BP PLC Chief Executive Bob Dudley said oil prices could remain low for up to three years and the company is drawing up plans to mitigate the low oil price for years to come, the BBC reported Thursday.
The chief executive told the BBC at the World Economic Forum in Davos that the potential for low oil prices for such a prolonged period will lead to job losses and falling investment in the UK North Sea, which will curb supply and eventually force the price back up.
Eni SpA has predicted that the oil price could shoot up to USD200 a barrel when the oil price does eventually "spike" and has urged OPEC to cut its production.
"OPEC is like the central bank for oil which must give stability to the oil prices to be able to invest in a regular way," said Eni Chief Executive Claudio Descalzi, also speaking in Davos.
http://www.bbc.co.uk/news/business-30913321
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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