Remember the 1980s glut: Ex-BP boss Browne warns oil will stay low

LONDON (Reuters) – The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.

“The prices will be very low and I think they will remain low and very volatile for some considerable time,” Browne told the BBC.

“This is very reminiscent of a time in the mid-1980s when exactly the same situation happened – too much supply, too little demand and prices of oil stayed low for 17 years.”