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BP CEO: The low oil price is not all bad news

Chief executive of oil major BP (London Stock Exchange: BP.-GB), Bob Dudley, has said that low oil prices are not all bad for the energy industry, as subsidies have been cut from petrol products around the world, which has resulted in fairer pricing in the market.

"People say with the (low) price of oil, it is not going to encourage renewables and other things. But actually you look at what is happening around the world right now, which is very good for this initiative, subsidies have been taken off petroleum products all over the world," Dudley told CNBC at a gathering in Paris, where the CEOs of 10 global oil and gas firms discussed climate change.

"That is going to price energy right. India has taken some big steps, Indonesia too – so it is not all bad news that the price (of oil) is down," he said.

The group of 10 CEOs, which together make up the Oil and Gas Climate Initiative (OGCI) signed a joint agreement backing its committee of an "effective global climate change agreement" and...