BP Chief Sees Shale, OPEC Cooling Oil Markets

published:22/05/2018 04:32 GMT

BP Chief Executive Bob Dudley expects a flood of US shale and the reopening of OPEC taps to cool the oil market after crude rose above US$80 a barrel this week. US President Donald Trump's decision to exit an international nuclear deal with Iran and revive sanctions on the OPEC member country, as well as Venezuela's plummeting output, has helped to lift oil prices to their highest since 2014. But BP sees oil falling to between US$50 and US$65 a barrel due to surging shale output and OPEC's...More