[Telegraph] The oil major reported its worst loss in more than 20 years in the wake of the oil price collapse, but expects the market to 'rebalance' by the year end.
BP expects to emerge from the oil market collapse by the end of 2016 even as the severe downturn in the oil market has left the energy giant nursing its worst annual loss in at least 20 years.
In 2015, the oil major posted an annual loss of $5.2bn, compared to the $8.1bn profit the oil major recorded in the previous year, and will be forced to slash thousands of jobs on top of those already announced.
The worse than expected financial results drove a share price sell off of over 8pc on Tuesday, driving BP's stock to levels almost 25pc lower on the year at 334 pence per share.
But chief executive Bob Dudley said the market will begin to "rebalance" by third or fourth quarter to allow oil prices to correct to levels between $50-$60 per barrel by the end of the year.
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