The oil market is “pretty pessimistic” about OPEC reaching a deal to cut production, BP chief executive officer Bob Dudley said.
Oil prices will probably stay around current levels if the Organization of Petroleum Exporting Countries fails to implement the deal it reached in Algiers in September to limit output, Dudley said in an interview on Bloomberg Television from Riyadh. The producer group is meeting in Vienna on Nov. 30.
“People are pretty pessimistic right now about a potential agreement, you see that in the price,” Dudley said in a Bloomberg Television interview in Riyadh. If the talks fail, prices “will stay around the level we’re at.”
OPEC’s three biggest members – Saudi Arabia, Iraq and Iran – are still at odds over how to share the cuts, according to a delegate familiar with the talks.
Supply and demand are “generally in balance” in the market, Dudley said. “You have this tremendous amount of stocks around the world: it’s going to take a long time to drain them off.”
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