BP CEO Bob Dudley is bullish on a lasting cooperation between Russia and OPEC, a position he told Axios in an exclusive interview goes against conventional wisdom.
Why it matters: Dudley has extensive experience working in Russia and with Russian companies. BP has an almost 20% stake in Rosneft, the Russian state-owned oil company whose CEO, Igor Sechin, is among the individuals the U.S. government has sanctioned.
Gritty details: Dudley’s comments, made to Axios in a wide-ranging interview last week in Washington, come as some analysts are predicting the production-limiting deal between Russia and OPEC, the Organization of Petroleum Exporting Countries, may end sooner than its scheduled to end in December given oil prices are at three-year highs. Dudley indicated he thinks the deal could last at least through the full year, and possibly longer. His comments in full:
Historically, they have not worked together, communicated together. They are now. I think there is a general view out there that this is a convenient relationship for a short period of time. I actually don’t subscribe to that. I think you’ll always have debates among OPEC nations and in Russia itself, but I think the cooperation around this, which is so vital to all the countries, I think they will remain more open and closer than what I would say is conventional wisdom.— Bob Dudley, CEO of BP
Go deeper with more from my interview: