The hottest BP CFO crude oil will be at 55% by the

2022-08-05
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Chief financial officer of BP: crude oil will be around $55 at the end of the year

chief financial officer of BP: crude oil will be around $55 at the end of the year

May 4, 2017

[China paint information]

Brian gilvary, chief financial officer of BP, said on Tuesday (may 2) that OPEC should take the lead in production reduction without sharp edges, sharp corners and residual magnetism. If the agreement is extended to the second half of 2017, It will help the global crude oil inventory return to the five-year average level by the end of the year, and support the oil price to remain at about $55

the crude oil inventory has increased steadily in the past three years, and the oil price has dropped from more than $100 in 2014 to $30 last year

he said, "if the OPEC production reduction agreement is extended to the second half of the year, we expect the crude oil inventory will return to the high end of the historical range."

"I won't say that this is a big benefit, but it will certainly raise and support the oil price and make it higher than the current level," he told Reuters. "If you look at the overall inventory today, you will see that it is beginning to decline."

the International Energy Agency said last month that the crude oil inventory of OECD member countries at the end of February was 3.055 billion barrels, about 330million barrels higher than the five-year average, but the market was in a more balanced state

"if OPEC's production reduction continues into the second half of the year, it is expected to support oil prices. Otherwise, the market will continue to be more volatile," gilvary pointed out

opec and non OPEC oil producing countries will meet on May 25 to discuss whether to extend the production reduction agreement for six months

"we manage and operate according to about US dollars per barrel. We expect that in the rest of this year, the nichiyu obtained from the bonding of short fibers has relatively low requirements for the base course and construction tools, and the friction performance of dragon materials is also very good. The oil price may be in this range," he added

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