Oil prices could hit record lows in 2016: BP chief

AFP, LONDON: Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP ChiefExecutive Bob Dudley warned Saturday.
"A low point could be in the first quarter," Dudley told BBC radio.
Oil prices fell by 34 per cent in 2015, battered by prolonged global oversupply and a slowdown in energy-hungry China's economy.
Dudley predicted that prices could stabilise towards the end of the year, but would remain low for the forseeable future.
"Prices are going to stay lower for longer, we have said it and I think we are in this for a couple of years. For sure, there is a boom-and-bust cycle here,"  Dudley said.
Prices have particularly slumped since December 4 when the Organization of the Petroleum Exporting Countries decided against limiting production as members fight to keep market share.
Potentially adding to the supply worries was action by the US Congress last.

Oil prices could hit record lows in 2016: BP chief

AFP, LONDON: Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP ChiefExecutive Bob Dudley warned Saturday. A low point could be in the first quarter, Dudley told BBC radio. Oil prices fell by 34 per cent in 2015, battered by prolonged global oversupply and a slowdown in energy-hungry Chinas economy. Dudley predicted that prices could stabilise towards the end of the year, but would remain low for the forseeable future. Prices are going to stay lower for longer, we have said it and I think we are in this for a couple of years. For sure, there is a boom-and-bust cycle here, Dudley said. Prices have particularly slumped since December 4 when the Organization of the Petroleum Exporting Countries decided against limiting production as members fight to keep market share. Potentially adding to the supply worries was action by the US Congress last.