BP CEO: 'Brutal' Oversupply In Oil

BP CEO Bob Dudley says the oil industry hasn't seen times like this since the mid '80s and the ripple effects will be large.

CNNMoney
Jan 22, 2016

BP CEO Bob Dudley says the oil industry hasn't seen times like this since the mid '80s and the ripple effects will be large.

Latest in Energy
Security Breach Podcast
Sponsored
Security Breach Podcast
September 9, 2025
Oklo
Oklo Picks Tennessee for $1.7B Advanced Fuel Center
September 12, 2025
The Bugey nuclear plant operates in Saint-Vulbas, around Lyon, central France, Oct. 13, 2022.
Court Says Europe Can Call Nuclear, Natural Gas Investments 'Green'
September 12, 2025
Wind turbines operate in Lagoa, Brazil, March 14, 2024.
Wind, Solar Power Fuel Over One-Third of Brazil's Electricity for First Time
September 11, 2025
Related Stories
Mnet 57826 Fusion
Energy
One Step Closer To Fusion Power
(AP Photo)
Energy
Atlantic Coast Pipeline Denied Route Through National Forests
This massive silver cigar called the feedwater tank holds water before it enters the boiler. The tank can store 100,000 gallons of water heated high above its boiling point to 380 degrees Fahrenheit (193.3 Celsius). To improve efficiency, the plant extracts some of the steam from the water-steam cycle to reheat it. Image credit: GE Power
Energy
To Achieve Top Performance, This Coal-Fired Power Plant Applies Bulletlike Pressures To Steam
Security Breach Podcast
Sponsor Content
Security Breach Podcast
More in Energy
Security Breach Podcast
Sponsored
Security Breach Podcast
A new video series from Manufacturing.net - Security Breach, looks to offer the insight and tools needed to ready your company's defenses. Stay up-to-date on today's vital cybersecurity topics by subscribing here.
September 9, 2025
Oklo
Energy
Oklo Picks Tennessee for $1.7B Advanced Fuel Center
The initial investment will support a facility that recovers material from used nuclear fuel.
September 12, 2025
The Bugey nuclear plant operates in Saint-Vulbas, around Lyon, central France, Oct. 13, 2022.
Energy
Court Says Europe Can Call Nuclear, Natural Gas Investments 'Green'
Nuclear power, though a carbon-free source of electricity, is not typically labeled as green energy.
September 12, 2025
Wind turbines operate in Lagoa, Brazil, March 14, 2024.
Energy
Wind, Solar Power Fuel Over One-Third of Brazil's Electricity for First Time
The milestone comes as hydroelectric output fell to a four-year low.
September 11, 2025
A shepherd watches livestock near Khi Solar One, a solar thermal plant that converts the sun's light energy into electricity, outside Upington, South Africa, in the Northern Cape province, Friday, Aug. 29, 2025.
Energy
Africa's Solar Energy Potential Makes For a Bright Future For Renewable Power
With millions living without electricity, projects are needed to bring electricity to the continent.
September 8, 2025
Cahora Bassa hydroelectric plant in Tete, Mozambique, Saturday, July 19, 2025.
Energy
Mozambique Embraces a $6 Billion Electricity Project
This marks southern Africa's biggest in 50 years.
September 8, 2025
A robot places solar cells on a glass panel at a ReNew manufacturing plant on the outskirts of Jaipur, India, Thursday, Aug. 21, 2025.
Energy
India’s Solar Industry, Aiming to Compete with China, Finds Strength As U.S. Tariffs Hit Home
India seeks to meet growing domestic demand for electricity by selling to its own citizens.
September 5, 2025
Screenshot 2025 09 05 At 8 22 22 Am
Energy
Hitachi Pledges $1 Billion U.S. Energy Infrastructure Manufacturing Investment
That includes $457 million for a new power transformer facility in Virginia.
September 5, 2025
Electronics are plugged in at a home Tuesday, Sept. 2, 2025, in Cincinnati.
Energy
What is Phantom Energy?
The hidden electricity drain explained.
September 3, 2025
Ge Vernova
Energy
GE Vernova to Invest $41 Million in Schenectady Plant
The expansion includes additional capacity for generator operations.
August 27, 2025
Wind turbine components sit at New London State Pier, April 16, 2025, in New London, Conn.
Energy
Democrats Ask Trump to Resume a Major Offshore Wind Project Near Rhode Island
The nearly completed farm faces an uncertain future.
August 25, 2025
Offshore wind turbines of South Fork Wind operate off the coast of Block Island, R.I., Oct. 9, 2024.
Energy
Trump Blames Renewable Energy for Rising Electricity Prices; Experts Point Elsewhere
Electricity prices are rising at more than twice the rate of inflation.
August 22, 2025
Tibetan sheep graze at a solar farm in Hainan prefecture of western China's Qinghai province on Tuesday, July 1, 2025.
Energy
China Races to Build World's Largest Solar Farm to Meet Emissions Targets
Covering 235 square miles, the farm is the size of Chicago.
August 21, 2025
Engineer standing on wind turbine.
Energy
Optimizing Wind Turbines for Better Gearbox Reliability
Which steps can minimize costliness and inconvenience of unintended downtime?
August 20, 2025
A solar panel from Bright Saver sits at Craig Keenan's home Friday, Aug. 1, 2025, in Baltimore.
Energy
Solar Panels That Fit On Your Balcony or Deck Are Gaining Traction In the U.S.
The systems are catching on due to their affordability and simple installation.
August 15, 2025