BP: The cost of oil will not exceed 55 dollars per barrel in 2018 against the background of increased production in the US
British BP predicts, that oil prices will vary within 45-55 dollars per barrel next year, which will contribute to the high level of production of this raw material in the US, reports Reuters citing the words of the company's CFO.
After a calm beginning of the year, world demand for oil in the second quarter of this year has recovered; It is expected, that it will grow by 1,4-1,5 million barrels a day, reports the agency the words of BP Chief Financial Officer Brian Gilvary (Brian Gilvary).
"World demand seems fairly stable, and prices will be strengthened at the level that we are seeing now," said Gilvary.
In April, the growth in production activity can be observed, while reducing prices to 45 dollars per barrel, this activity is declining.
Therefore, it is the cost of 45-55 dollars per barrel in 2018 Gilvary considers suitable for the forecast range.
BP is a British company, one of the six largest oil and gas corporations in the world. It was founded in 1909. The net profit of BP Plc., attributable to shareholders, in the first half of 2017 was 1,593 billion dollars against a loss of 2 billion dollars over the same period last year.