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Oil bosses upbeat on market rebound later in 2016

But BP chief cautions that US$100 oil will not return any time soon
Monday, February 15, 2016 - 05:50

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BP's Mr Dudley estimates that about "US$400 billion of projects have been deferred or cancelled" by the global energy sector in response to the market's recent collapse. He warns: "That's going to lead to another reaction" in the oil market.

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"I think that the price will be higher at the end of the year 2016 than it is today," says Total's Mr Pouyanne.

London

MOVERS and shakers from the oil industry descended on London last week and expressed optimism over a sharp rebound in the beleaguered crude market later this year.

Bob Dudley, chief executive of British energy major BP, forecast at the International Petroleum (IP) Week

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