BP eyes break-even at oil prices slightly below $55/bbl - report

BP anticipates crude oil will trade in the range $50-$60 a barrel next year, said the company's chief executive, Bob Dudley.

Dudley told the Oil & Money annual conference in London that BP would break-even at prices slightly below $55 a barrel, news agency Reuters reported.

At about 12:19 BST, West Texas Intermediate crude was up 0.9% to $50.39 a barrel, while Brent was up 0.76% to $51.91.

"Last year we said we needed to balance at $60 and we had a job to get it there ... Next year we will be able to balance south of $55," he said in remarks apparently not in his speech notes available on the company's website.

Dudley, according to his written speech, said the oil industry was undergoing a profound change, which was for the better.

"At $100 oil, industry costs drifted up and all kinds of projects looked attractive," he said.

"At today’s prices, we have to maximise efficiency and minimise costs. We have to focus on the highest quality projects and develop them with great capital discipline."