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They’re In “Better Balance”: BP CEO Weighs In On Global Oil Markets

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A bevy of oil leaders foresee the record lows in crude we’ve experienced since 2014 are nearing an end. Bob Dudley, BP CEO, is no exception.

On Thursday mid-speech at the Economic Club of Washington D.C., Dudley gloated, “I’m happy to report that the global supply and demand balance recently have moved toward a better balance,” he continued, “We expect this trend to continue in the second half of 2016.” He also said that it’s not estimated oil will be priced at $100 anywhere in the near future and that discipline would have to be maintained in the meantime.

Dudley was chosen as CEO back in 2010. He guesses the end of 2016 will see oil at $50 per barrel and between $50 and $60 in 2017.

“Venezuela is falling deeper into crisis,” Dudley spoke on world politics. He also grazed the topic of the “fastest growing” clean energy technology, which is predicted to be at just 9 percent by 2035.

Dudley’s speech covered a wide range of topics. He was quoted as saying, “I meet with CEOs, government officials, and others who raise concerns about the growing risk of doing business in America. The U.S. political system is demonstrating an increasing inability to come together and get things done.” He explained that it was this inability that makes it so difficult for policymakers to plan for the future and think ahead.

An “increasingly tangled web” of U.S. regulations and rising litigation costs in the U.S. were among the chief concerns mentioned by Dudley in D.C. BP found this out the hard way in 2010 amid the repercussions of the Deepwater Horizon incident.

Article written by HEI contributor Briana Steptoe.

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