BP will be able to lower its break-even oil price by as much as $10 per barrel from next year as it continues to exercise "self-help" by cutting costs and capital expenditure in what it described as the "toughest business conditions for over a decade." The UK major, which reported a first-quarter net loss of $583 million on Tuesday, anticipates a break-even oil price of $50-$55/ bbl from 2017 onward, below the $60/bbl it said it had in October, and claims it can reduce that range further if crude embarks on a renewed slump.
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