OREANDA-NEWS. Global oil demand will gradually decline, giving way to gas and other energy sources. And against the background of growth in US production, this will make it unlikely that cycles will repeat when oil prices reached $ 100 per barrel and even exceeded this level. This opinion was expressed by the head of BP Robert Dudley, who will leave the company at the end of March, in an interview with the Russian media on the sidelines of the World Economic Forum in Davos.

High volatility in oil prices is also unlikely due to the emergence of a third player in the oil market - the United States. The possibility of a rapid increase in production by US companies virtually eliminates the likelihood of an oil shortage anywhere in the world, as US companies "can easily fill it", Dudley said. The United States has created a price damper in the oil market, from which prices will now not fluctuate as much as in earlier times, he believes.

According to the head of BP, due to the great attention of the world community to the issue of the impact of oil projects on the environment, pressure on the business of mining companies will intensify.