Top BP Executive Warns OPEC Needs to Prolong Oil Output Curbs
- Oil could touch $60 a barrel if OPEC extends cuts, Kong says
- While oil demand will rise, U.S. output may jump quickly: Kong
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OPEC and its allies need to extend their crude production cuts beyond March 2018 to rebalance the global oil market, a top executive at BP Plc’s trading arm said.
“Rebalancing is already on the way,” Janet Kong, Eastern Hemisphere Chief Executive Officer of integrated supply and trading at BP, said in an interview in Singapore. But OPEC needs “definitely to cut beyond the first quarter” to bring inventories down and back to historically normal levels, she said.