Feb 5, 2019

BP CEO Expects Oil Market To Be "Firmer" in 2019

By Eddie Gunn

"It feels like the markets will be firmer," said BP CEO Bob Dudley during a CNBC interview on Tuesday when asked about his forecast for 2019. 

"I couldn’t predict the oil price but we are planning BP between $50 and $65 [a barrel]," Dudley said. At the time of the writing, Brent was hovering near $64 a barrel while the US benchmark WTI was at $54.30. 

Dudley's comments have come at a time when OPEC and its partners, including Russia, have started to cut production in order to rebalance the oil market. Most analysts expect the US sanctions on Venezuela will also help in preventing a supply glut. 

Further reading: CNBC