BP CEO: Natural Gas Powerful Supply-Side Lever to Help Cut Emissions
February 10 2016 - 6:07AM
Dow Jones News
By Sarah Kent
LONDON--The oil market should start to rebalance in the second
half of the year but it will be some time before the $100 a barrel
price is seen again, BP PLC's (BP) chief executive Bob Dudley said
Wednesday.
Mr. Dudley said the oil giant is "very bearish" on the first
half of 2016, but things will start to turn around in the third or
fourth quarter.
"By that time, every storage tank and swimming pool in the world
will be filled with oil," Mr. Dudley said, warning that a price
recovery would likely start slowly.
Speaking at the International Petroleum Week conference in
London, Mr. Dudley acknowledged that the mood was more subdued than
usual.
He also spoke on another major challenge for the energy
industry: new regulations surrounding climate change.
The oil executive warned that BP sees climate emissions growing
by 1% a year to 2035, a level that would fail to prevent
temperatures rising by more than 2 degrees Celsius (3.6 degrees
Fahrenheit).
Write to Sarah Kent at sarah.kent@wsj.com
(END) Dow Jones Newswires
February 10, 2016 05:52 ET (10:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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