Oil market conditions are expected to improve over the coming months, BP CEO Bob Dudley told CNBC in an interview on Tuesday.
Dudley’s comments come at a time when energy market participants expect US sanctions on Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year.
"I couldn't predict the oil price but we are expecting something between $50 and $65," he said.
OPEC and its allied producers, including Russia, agreed to impose output cuts from the beginning of January 2019 in order to prevent a global supply overhang.
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