Despite recent volatility for the price of oil, the CEO of BP believes the market is currently balanced and production is meeting demand on a daily basis.
“I think everyone uses the word balanced and they forget that it means different things to different people. To me it means on a daily basis production and demand is equal. So on a daily basis the market is balanced, it’s just the inventory levels in the world that are so high,” Bob Dudley, chief executive office of BP told CNBC on Wednesday.
“You can’t do it weekly, which is what the market is doing, particularly focusing on the U.S. inventory levels,” he added.
This is a breaking news story please come back again later.