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BP: Preparing For The Worse

While the oil industry is adapting to the challenges of the new oil order with a mixture of both capex cuts and cost controls, by and large the industry, particularly the U.S. oil majors, still believes that oil higher oil prices will soon come to the rescue. BP (NYSE:BP), on the other hand, is probably more alarmed than the rest and believes the industry is facing its worst slump since 1986. BP's CEO, Bob Dudley, believes that oil prices are likely to stay lower for several…