July 12, 2017 / 8:21 AM / a month ago

Oil market largely in balance, can't expect big price rise, BP's Dudley says

BP Chief Executive Bob Dudley addresses the gathering during a media interaction in New Delhi, India, June 15, 2017.Adnan Abidi

ISTANBUL (Reuters) - The oil market is "pretty much" in balance, BP (BP.L) Chief Executive Bob Dudley said on Wednesday, adding that while he expects inventories to fall towards the end of the year, a big rise in the oil price can't be expected.

Dudley, who was speaking at an industry conference in Istanbul, also said he had not seen the final terms of new Iranian oil contracts.

Reporting by Karolin Schaps; Writing by David Dolan; Editing by Daren Butler

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