BP’s Browne Sees Sharp Fall in Oil Prices – Spiegel

(Reuters) – Oil prices could fall to around $40 a barrel in the medium term and drop further in the long run on the back of steadily rising supplies, John Browne, the chief executive of BP Plc (BP.L: Quote, Profile, Research) said in a magazine interview.

“We cannot really count on oil prices easing very much in the near future,” said Browne in an interview with weekly Der Spiegel to be published on Monday.

“But is is very likely that oil prices will range in the medium term around an average of $40 (per barrel). In the long run it could even be $25 to $30.”
Reuters