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BP boss Dudley says current oil crisis as bad as 1986

[DAVOS, Switzerland] BP CEO Bob Dudley said on Thursday he expects downward pressure on oil prices in the next six months as Iran looks to quickly raise supply.

"The first and second quarter will be very difficult... It is a big shock for producing countries. It reminds me of (the oil crisis in) 1986," Dudley told reporters at the World Economic Forum in Davos.

"Prices will remain low for longer but not forever," he said, adding that he believed markets would begin to rebalance later in 2016 with oversupply shrinking and investment falling.