Oil at $80 Is No Bar for BP, Total to Explore for More Crude
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Oil at $80 a barrel won’t stop BP Plc or Total SA from exploring and developing crude deposits.
Oil has dropped into a bear market this year, with prices falling almost 30 percent since June amid a global glut. OPEC won’t cut its collective output when it meets this month and global oil prices will stabilize once the surplus is absorbed, Kuwait Oil Minister Ali Al-Omair said at an oil conference in Abu Dhabi, the capital of United Arab Emirates, yesterday.