BP CEO: days of oil at $100 per barrel have gone

BP CEO: days of oil at $100 per barrel have gone

There will be a reduction in use of oil over time, it will be displaced by natural gas or other things to generate power, BP group chief executive Bob Dudley said.

He believes that the oil price of $100 per barrel is unlikely within the contest of the U.S. rising mining output.

According to him, oil will always be part of chemicals. "But displacing fuel oils with natural gas or other things to generate power – it has got to happen. So we will see reduction in global oil demand as we get farther in the century," TASS cited Dudley as saying.

If some countries outlaw the internal combustion engines, you will see oil demand drop in those countries, the BP CEO added.

He expects that if the price goes higher because of shortages in other places, the U.S. can increase its production.

Dudley will step down as chief executive on February 4 and retire on March 31, 2020. He will be replaced in the role by BP's current upstream chief executive Bernard Looney.

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