June 1, 2017 / 1:42 PM / 6 months ago

OPEC cut deal should help rebalance oil markets - BP's Dudley

ST PETERSBURG, Russia (Reuters) - A deal between OPEC and other major oil exporters to extend output cuts into next year should help rebalance oil markets, BP Chief Executive Robert Dudley said on Thursday.

BP Group Chief Executive Robert Dudley attends a session of the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 16, 2016. REUTERS/Sergei Karpukhin

“You can see that supply and demand ... is in balance today and this should bring down the stock levels of the world,” Dudley told reporters on the sidelines of the St Petersburg International Economic Forum.

“It looks to me like an agreement that everyone is working hard to comply with and it’s helpful to rebalance oil markets. It’s somewhat unprecedented for countries to cooperate like this, and I think it’s healthy for oil markets.”

Reporting by Olesya Astakhova and Christian Lowe; Editing by Katya Golubkova

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