January 21, 2016 / 10:29 AM / 3 years ago

BP boss Dudley says current oil crisis as bad as 1986

Bob Dudley, Group Chief Executive of BP, attends the Oil and Gas Climate Initiative summit in Paris, France, October 16, 2015. REUTERS/Jacky Naegelen

DAVOS, Switzerland (Reuters) - BP CEO Bob Dudley said on Thursday he expects downward pressure on oil prices in the next six months as Iran looks to quickly raise supply.

“The first and second quarter will be very difficult... It is a big shock for producing countries. It reminds me of (the oil crisis in) 1986,” Dudley told reporters at the World Economic Forum in Davos.

“Prices will remain low for longer but not forever “ he said, adding that he believed markets would begin to rebalance later in 2016 with oversupply shrinking and investment falling.

Editing by Jason Neely

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