Oil prices likely to rise in coming months: BP CEO

Oil market conditions are expected to improve over the coming months, BP CEO Bob Dudley told CNBC in an interview on Tuesday.

Dudley’s comments come at a time when energy market participants expect US sanctions on Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year.

"I couldn't predict the oil price but we are expecting something between $50 and $65," he said.

OPEC and its allied producers, including Russia, agreed to impose output cuts from the beginning of January 2019 in order to prevent a global supply overhang.