UPDATE 1-Remember the 1980s glut: Ex-BP boss Browne warns oil will stay low [Reuters]
BP p.l.c. (BP)
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Source: Reuters
UPDATE 1-Remember the 1980s glut: Ex-BP boss Browne warns oil will stay low (Adds quotes and context) LONDON, April 21 (Reuters) - The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday. U.S. crude prices dropped below $0 for the first time ever on Monday, with May futures for U.S. crude plummeting to -$37.63 a barrel, though the prices returned to positive territory on Tuesday. Browne, who ran BP from 1995 to 2007, said the negative prices were a U.S. issue due to a lack of storage, though he said across the world demand was down while production was still high. “The prices will be very low and I think they will remain low and very volatile for some considerable time,” Browne told the BBC. “There is still a lot of oil being produced that is going into storage and not being used. “This is very reminiscent of a time in the mid-1980s when exactly t
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