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Nov. 4, 2005 / 10:13 AM

BP head says crude oil set for big fall

SINGAPORE, Nov. 4 (UPI) -- The head of the one of the world's largest energy companies told a Singapore meeting that the price of crude oil is set for a big fall.

John Browne, chief executive of BP PLC, said that some members of the world's oil cartel believe prices for crude oil should settle somewhere around $40 per barrel, the BBC reported Friday.

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While not owning that specific price target, Browne said he certainly agreed that oil prices were headed for a significant decline.

"Our view is that the price of oil is unsustainably high and will come down," he said. "People don't like to be held to ransom."

BP is the world's second-largest private oil company.

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John Browne

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