BP Says Bye To Low Prices As It Plans Projects For Oil Over $60

BP Plc boss Bob Dudley, among the first to say oil will stay lower for longer, is becoming more confident.

In a sign of the improving times, the British oil major is now planning its investments at $60-$65 a barrel oil, raising it from $50-$55 last year, Dudley said Wednesday at the Oil & Money conference in London. While he doesn’t expect sustained prices of $85, it’s unlikely to plummet again.

Some of the world’s most influential traders see a broad range for oil prices in the coming months. Glencore Plc’s Alex Beard said Wednesday crude could rise to as much as $90 a barrel in a year’s time while Vitol Group Chairman Ian Taylor predicts $65. Because of this uncertainty, Dudley, Royal Dutch Shell Plc’s Ben van Beurden and Total SA’s Patrick Pouyanne reiterated this week they won’t loosen their discipline on spending, even as they churn out huge amounts of cash. Read more