- BP raises oil price assumptions, promises recovery after 25% Q2 output slump
- supply constraint underpins higher 2025 price outlook
BP raised its 2025 oil price assumption to reflect expected supply constraints, says an article on SP Global.
Oil prices
BP raised its 2025 oil price assumption by $5/b to $60/b on Aug. 3 to reflect expected supply constraints, while promising recovery in its own production following a second-quarter slump.
‘Improving’ outlook
In its quarterly results, the UK major spoke of an “improving” outlook and described its performance as “resilient” even as production in its upstream hydrocarbons unit fell 25% on the year to 1.25 million b/d of oil equivalent, with the oil portion falling 26% to 938,000 b/d.
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Source: SP Global
