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BP cuts long-term oil price assumption by 30 per cent

Supermajor flags up to $17.5bn in write-downs because of forecast drop to $55/bbl
BP cuts long-term oil price assumption by 30 per cent

BP (BP.) has cut its long-term oil price forecast, knocking up to $17.5bn (£14bn) off the value of its assets because they are valued at $70 per barrel (bbl). This drop has raised the spectre of stranded assets and project cancellations.

IC TIP: Sell at 312p

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