BP shares were given a boost as the firm’s chief executive promised to defend the dividend.
Bob Dudley revealed that he thought the global oil market was ‘pretty much in balance’. His comments came after a week of oil price rises.
The black stuff finished yesterday 3 per cent higher at $53.50 a barrel. Dudley thinks it will stay around $53 over the year to come.
The oil price crashed last year as a burgeoning US shale gas industry and a weak global economy curtailed demand.
Pledge: BP boss Bob Dudley revealed that he thinks the global oil market is ‘pretty much in balance’. His comments come after a week of oil price rises
The producing nations did little to help the situation, refusing to stem the flow, which led to a glut of supply and drove the price down further.
Oil had fallen below $30 a barrel in January this year.
There has long been talk about whether the…