“I think it’s been in balance since last year in terms of daily production and daily demand. But the stock levels are still coming down. I think the market's in balance already,” Dudley said on the sidelines of the World Economic Forum meeting in Davos.
Dudley said BP was not basing its outlook on any possible future price spikes or troughs.
“I don't think there will be shocks in the short-term. We’re not planning for any sharp shocks up or down,” he said.
Earlier yesterday, Dudley said that he considers the current Brent price of just under $70 per barrel somewhat inflated and expects prices to fluctuate around $55 to $60 per barrel throughout 2018.