Comments from Bob Dudley, chief executive of BP via the UK Telegraph:
(Bolding is mine):
Mr Dudley said there is little chance of a revival in crude prices for a long time given the "remarkable resilience" of US shale producers, who have defied predictions of collapse and continue to drill record volumes
The US rig count has plummeted from more than 1,600 in November to 734 this week, yet this has not led a cut in output due to rising efficiency and a shift in drilling tactics
"It'll level off, but for now we've quite a bit of surplus oil. There could be unintended consequences for the world in terms of stress," Mr Dudley said, alluding to a possible wave of bankruptcies.
More at the article: BP sees 'massive' shock for North Sea as oil glut deepens
Earlier we had data from the American Petroleum Institute showing a huge build in inventory: API crude oil inventories up 5.5 million bbls
