By Sarah Kent
LONDON--The oil industry should be prepared to live with lower
oil prices, Bob Dudley, the chief executive of BP PLC, said
Wednesday, suggesting oil prices won't return to levels above $100
a barrel any time soon.
Crude oil prices have crashed over the past year amid a supply
boom in North America and lackluster demand.
Speaking at the launch of BP's Statistical Review of World
Energy, Mr. Dudley said the past few years of high and stable
prices were the "exception, not the rule."
The current state of the market is a return to "business as
usual," he added, noting that oil prices are expected to remain
under pressure for at least a couple of years.
"The apparent resilience of supplies mean we have to be prepared
for life in a low oil-price world," Mr. Dudley said.
Write to Sarah Kent at sarah.kent@wsj.com