No Doubt OPEC+ Move on Oil Output Cuts to Stabilize Market - BP Chief

OPEC and non-cartel oil producers decision to reduce crude output will stabile the global oil market, BP Group Chief Executive Robert Dudley told Sputnik on Thursday.

ST PETERSBURG (Sputnik), Anastasia Dmitrieva – There is no doubt that the decision of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers to reduce crude output is stabilizing and helping to support the global oil market, BP Group Chief Executive Robert Dudley told Sputnik on Thursday.

"There's no question this decision will help support the market, its unprecedented for OPEC and non-OPEC countries to make an agreement. It is already stabilizing the market," Dudley said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Moreover, BP is considering several new areas of cooperation with Russian energy giant Gazprom in the gas sector, BP Group Chief Executive Robert Dudley told Sputnik on Thursday.

"We have a very good strategic relationship as a shareholder with Rosneft, not only as a shareholder- we've got a series of projects that we are investing together… we are considering  several other areas of cooperation in gas with Rosneft," Dudley said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

BP Group Chief Executive Robert Dudley told Sputnik on Thursday he expected the oil prices to stand at around of $50-60 per barrel this year, with the global crude markets around the balance point.

"What we are seeing in the market today, you can never predict no price, but it looks to me like we'll be in the range of $50-60 Brent prices this year … I think today actually, on a daily supply and a daily demand level it's around the balance point now," Dudley said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Meanwhile, SPIEF, a major global platform for communication between business representatives and discussion of crucial economic issues, kicked off in Russia’s St. Petersburg on Thursday and will continue through Saturday. Sputnik News Agency is the official media partner of the forum..SPIEF, a major global platform for communication between business representatives and discussion of crucial economic issues, kicked off in Russia’s St. Petersburg on Thursday and will continue through Saturday. Sputnik News Agency is the official media partner of the forum.