Oil price unlikely to hit $100 mark for 'a very long time', BP boss tells ITV News

Oil prices are unlikely to rise above $100 per barrel again for "a very long time", BP's chief executive has told ITV News, as stock markets tumbled amid the slide.

Bob Dudley said he expects the first half of this year to be "particularly brutal" for the industry, with prices moving towards the $60 mark "in the next year or so".

Mr Dudley also said he would like to see Britain remain in the EU, something he believes is "really important" for Europe and the UK.

World stocks sunk to their lowest levels since 2013 on Wednesday, hit by another tumble in oil to 13-year lows.

On Monday, oil prices dropped below $28 a barrel, their lowest price since 2003.

Iran is now able to export more oil following the lifting of sanctions against the country, which could add to the oversupply which is hitting prices.

Mr Dudley, who became BP group chief executive in 2010, said the drop in prices from $115 a barrel to $28 was a "brutal, fast transformation" for oil-producing countries and companies to go through.

"Everyone's looking at how to move through this storm," he told ITV News.

"I think we will move up into the $60 range in the next year or so. I don't think we'll see $100 for a very long time."

Mr Dudley said BP was "deeply committed" to the UK and supported David Cameron's efforts to introduce reform and "make Europe more competitive".

Asked about the upcoming in/out referendum, he said: "We would like to see, and believe it's really important, for the UK to be part of Europe and I think it's really important for Europe to have the UK, the fifth largest economy in it.

"I'm optimistic that there will be a solution, but I think it is important for Britain to be part of Europe."