BP's Dudley Says Oil Supply and Demand Generally Balanced
OPEC nations embarked on a final diplomatic effort to secure a deal on oil cuts, with Qatar, Algeria and Venezuela leading the push to overcome the divide between the group’s biggest producers, according to a delegate familiar with the talks. The Organization of Petroleum Exporting Countries has yet to find a path to finalize the preliminary cuts deal reached in Algiers on Sept. 28, which ended a two-year policy of pumping without limits. Saudi Arabia, the group’s de-facto leader, is ready to cut production, but only if the effort is built around four pillars, said the delegate. BP Chief Executive Officer Bob Dudley tells Bloomberg's Erik Schatzker in Riyadh, that if OPEC fails to reach a deal, oil prices will probably stay around current levels, adding that Donald Trump’s view on climate change doesn’t change BP’s commitment to back the Paris climate accord.