AFP, London :
Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP chief executive Bob Dudley warned Saturday.
“A low point could be in the first quarter,” Dudley told BBC radio.
Oil prices fell by 34 percent 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.
Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP chief executive Bob Dudley warned Saturday.
“A low point could be in the first quarter,” Dudley told BBC radio.
Oil prices fell by 34 percent 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.
