BP: Oil at $30!

AFX-UK
LONDON
Petroleumworld.com 10 27 04

BP PLC chief executive Lord Browne said demand is likely to keep the price of oil at around 30 usd a barrel over the next four years. ” On the basis of the recent track record and the supply-demand balance, oil prices have a support level of around 30 usd a barrel …
BP PLC chief executive Lord Browne said demand is likely to keep the price of oil at around 30 usd a barrel over the next four years. ” On the basis of the recent track record and the supply-demand balance, oil prices have a support level of around 30 usd a barrel for at least the medium term, underpinned by OPEC discipline and their need for revenue,” Browne said in the text of remarks to a journalist briefing.

He added that prices could rise above 30 usd if demand strength outpaces the rate at which additional production capacity comes on stream each year…

…”We’re evidently not running out of oil,” he said.

Petroleum World