BP Sees Oil Prices in $60/Bbl Range for at Least Next Three Years, Executive Says
November 10 2015 - 1:30AM
Dow Jones News
By Sarah Kent
ABU DHABI--BP PLC (BP.LN) sees oil prices staying in the
$60-a-barrel range for at least the next three years as supply
continues to outstrip demand, Michael Townshend, the company's
Middle East chief, said Tuesday.
"In terms of supply demand you don't see demand exceeding supply
until the back end of next year. When that does happen ... you
would still need to work off stocks which could take another couple
of years," Mr. Townshend said in a news briefing on the sidelines
of a conference in Abu Dhabi. He said the view didn't take into
account political shifts such as the potential impact of returning
Iranian barrels.
Write to Sarah Kent at sarah.kent@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 10, 2015 01:15 ET (06:15 GMT)
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