Oil to remain at $50 per barrel for the rest of the year, says BP chief

BP’s chief executive said on Friday he thought global oil prices will remain around $50 per barrel till end of the year.

Speaking to reporters at the eastern economic forum in Vladivostock, Russia, Robert Dudley said he expected the price to remain around $50 per barrel or just a “little above” in 2017.

Dudley said: "I think for now, since 2014, we are back into the balance with oil and gas. Supply and demand balance is just about being reached right now.

“But this will take quite some time to work off the stock levels of oil."

Currently oil prices are in a prolonged slump as its stuck at half the price from two years ago, due to supply outstripping demand.

There is speculation that members of the Organisation of Petroleum Exporting Countries (OPEC) will reach an agreement to stem supply in order to raise prices at an informal meeting on the fringe of the International Energy Forum in Algeria on 27 September.

Brent crude increased by 0.17% to $45.53 per barrel and West Texas Intermediate increased by 0.25% to $43.27 per barrel at 0900 BST.