October 18, 2016 / 9:16 AM / in a year

BP says will break even with oil at $55/barrel in 2017: CEO

LONDON (Reuters) - BP chief executive Bob Dudley expects oil to trade at $50-$60 a barrel next year, he said on Tuesday, adding that his company would break even at prices slightly below $55.

“Last year we said we needed to balance at $60 and we had a job to get it there ... Next year we will be able to balance south of $55,” he told the Oil & Money annual conference.

He also said he does not see production rising fast in Iraq next year and that there is still no clarity on new contracts in Iran.

Reporting by Dmitry Zhdannikov; Editing by David Goodman

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