Oil prices to stay ‘lower for longer’: BP CFO

The slump in oil prices is not over yet, BP PLC’s chief financial officer Brian Gilvary said Tuesday.

The company is positioning itself for a world in which oil prices remain “lower for longer,” after the market tanked last June.

Though prices rebounded somewhat in the second quarter, they’ve fallen back in the last month after a nuclear deal with Iran raised the prospect of more supply in the coming months.

“We haven’t yet seen the full affect come through,” Mr. Gilvary said, noting that the Iranian barrels probably won’t hit the market until next year.

Source: MarketWatch