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BP CEO Dudley says oil market pessimistic about OPEC cuts

Published 11/15/2016, 09:55 AM
BP CEO Dudley says oil market pessimistic about OPEC cuts
BP
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  • BP (LON:BP) (BP +1.1%) CEO Bob Dudley thinks the oil market is “pretty pessimistic” about OPEC reaching a deal to cut production at the cartel's Nov. 30 meeting in Vienna.
  • Oil prices likely will stay around current levels if OPEC fails to implement the deal it reached in Algiers in September to limit output, Dudley tells Bloomberg.
  • Supply and demand are “generally in balance” in the market, Dudley says, due to demand growth in China, Europe and North America, although there is a “tremendous amount” of oil in storage that will take a long time to draw down.

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