BP CEO ‘Very Bearish’ on Oil as Storage Tanks Are Filling Up
- Oil market to remain choppy in first six months of year
- Supply and demand will start to balance in second half
Brent Oil Falls Most in 5 Months on Supply Glut
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BP is planning for oil prices to stay low for the first six months of the year and expects surplus production to only start diminishing when storage tanks fill up in the second half.
“We are very bearish for the first half of the year,” Chief Executive Officer Robert Dudley said at the IP Week conference in London Wednesday. “In the second half, every tank and swimming pool in the world is going to fill and fundamentals are going to kick in. The market will start balancing in the second half of this year.”