Newspaper article The Daily Mercury (Mackay, Australia)

BP Chief on Slippery Ground in Predicting a Rebound for Oil Price

Newspaper article The Daily Mercury (Mackay, Australia)

BP Chief on Slippery Ground in Predicting a Rebound for Oil Price

Article excerpt

FOR many delegates at the World Economic Forum in Davos, Switzerland on Wednesday, one item dominated -- oil.

As the price of the black fuel continued its slide, BP chief executive Bob Dudley boldly predicted it would ultimately rebound to $US50 a barrel by late 2016.

''We could see a price of $30 to $40 by the middle of the year,'' he told the BBC, predicting that the summer driving season in the US would lift demand.

"Towards the end of the year it could be into the $50s."

He also admitted, however, it was ''not impossible'' the price could go as low as $10, as some analysts had forecast.

The International Energy Agency said earlier this week that the world could ''drown in oversupply'' as sanctions on Iranian oil were lifted and global demand dwindled.

IEA executive director Fatih Birol said 2016 would be the third year in a row when oil supply outstripped demand.

''I don't see any reason why we will have a surprise increasing the price in 2016,'' he said. …

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