By Nicole Lundeen

VIENNA--Lower oil prices mean the oil industry must find creative ways to improve long-standing relationships, BP PLC's Chief Executive Bob Dudley said Wednesday.

"When times are tight partnerships are increasingly important," Mr. Dudley told a seminar of Organization of Petroleum Exporting Countries in Vienna Wednesday, highlighting the importance of relationships between governments, service companies and producers.

In the wake of the fall in oil prices over the last year, Mr. Dudley said that governments and international oil companies may need to find "a new point of balance" between the proportion of oil revenue governments take and the incentives given to oil companies to encourage investment.

Producers also need to develop a leaner and fitter supply chain, using fewer contractors and building deeper and longer partnerships, Mr. Dudley said.

"Relationships should be built on trust rather than transactions. Solutions lie in long-term relationships," he said.

Write to Nicole Lundeen at nicole.lundeen@wsj.com

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