Bernard Looney, CEO of energy giant BP, expected a strong recovery in global demand for crude oil, and that this recovery will continue for some time, with US shale oil production remaining under control.
“There is a lot of evidence to suggest that demand will be strong, while it appears that shale oil will remain disciplined,” Bloomberg News quoted Looney on Monday.”I think the current situation can continue as it is for some time,” he added.
Looney’s forecast came in line with the expectations of other executives in the oil industry, supported by a strong recovery from the repercussions of the Corona pandemic in the United States, China, and Europe.
“I believe in vaccines, and vaccines are starting to give positive results,” Looney said. “We just need to get to more places.”
He added that the company increased the number of drilling rigs to explore for shale oil in the United States after reducing it last year, but that its activity in the region remained below pre-pandemic levels in the first quarter of the year.