BP says bye to low prices as it plans projects for oil over US$60

BP boss Bob Dudley, among the first to say oil will stay lower for longer, is becoming more confident.

In a sign of the improving times, the British oil major is now planning its investments at US$60-65 a barrel oil, raising it from US$50-55 last year, Dudley said Wednesday at the Oil & Money conference in London. While he doesn’t expect sustained prices of $85, it’s unlikely to plummet again.

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