Crude Oil Prices May Fall for Further 12-18 Months, BP Says

By Eduard Gismatullin

Dec. 2 (Bloomberg) -- The slide in oil prices won’t bottom out until another 12 to 18 months, according to Christof Ruehl, the chief economist of BP Plc.

The world economy will stage a recovery from recession in 18 to 24 months, followed by “possible spikes” in oil prices, Ruehl told a conference in London today.

BP, Europe’s second-largest oil producer, has so far maintained capital spending plans. The company may review future investment to keep up with dividend payouts, Ruehl said.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net.