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BP CEO Bob Dudley warns oil market uncertainty could lead to a ‘real crunch’

“When asked whether production cuts from the so-called OPEC+ coalition were likely to help stabilize oil prices, Dudley replied: “Well, there’s a lot of variables here and there’s a lot of things that could lead to a real crunch.”” writes Sam Meredith for cnbc.com. A flurry of intensifying risks could trigger an energy market “crunch” over the coming months, according to the chief executive of BP. His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year.We will have to see what the data looks like but the markets feel tight to me.”.
 
Source: cnbc.com



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