BP chief predicts oil price to stay low for three years

Speaking to the BBC at the World Economic Forum in Davos this week, the oil major's chief warned a continued low price would lead to job cuts and reduction in the North Sea investment. BP has spent £8bn investing in two projects in the North Sea over the past ten years.  Dudley said he expects oil prices to remain low for at least a year, bucking the market consensus which is forecasting a steady rise back to around $70. This is putting pressure on the firm and Dudley said he expected "significant workforce reductions" within the business. He said: "Companies like us, at BP, we are...