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BP Chief: No Hope of $100 Oil for a ‘Long Time’

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BP CEO Says ‘Long Time’ Before $100 Oil Returns

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BP Plc boss Bob Dudley is very bearish on the price of oil. He says this feels the same as 1986, when oil slumped from $30 a barrel to $10 and didn’t recover until Iraq invaded Kuwait in 1990.

“The fundamental supply and demand does remind me of 1986 a bit, where we could go into a period in this decade of lower oil prices,” Dudley said a Bloomberg TV interview, adding prices may stay in a range below $60 for as long as three years. “It will be a long time before we see $100 again.”