BP chief predicts oil price will stay low for three years

BP group chief executive Bob Dudley is expecting oil to remain at current low levels for up to three years, leading to job losses and falling investment in the oil sector.

Speaking to the BBC at the World Economic Forum in Davos this week, the oil major's chief warned a continued low price would lead to job cuts and reduction in the North Sea investment. BP has spent £8bn investing in two projects in the North Sea over the past 10 years.  Dudley said he expects oil prices to remain low for at least a year, bucking the market consensus which is forecasting a steady rise back to around $70. This is putting pressure on the firm and Dudley said he expected "significant workforce reductions" within the business. He said: "Companies like us, at BP, we are ...