Over the coming months, BP expects to see continued high historical volatility in oil and gas prices, BP CEO Bernard Looney said, APA-Economics reports citing S&P Global Commodity Insights.

He pointed specifically to the potential for European natural gas demand to recover this winter from the 20% hit in the wake of Russia's invasion of Ukraine even though regional gas stocks are currently higher than seasonal norms.

According to Bernard Looney, global oil prices will likely be supported by growing demand, greater OPEC+ (an initiative to reduce oil production, which includes OPEC and non-member countries of which Azerbaijan is a participant) discipline, and slowing US output growth in the short and medium term.

Note that BP is a participant in a number of large oil and gas projects in Azerbaijan.

Source: Azeri-Press News Agency