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CAIRO, Feb 14 (Reuters) - BP's Chief Executive BobDudley said on Tuesday that U.S. shale oil production wouldlikely check future spikes in oil prices and the company saw$55-$60 as a healthy price for crude.
"Having a price that moves to $55 or around $60 feels likethe right one to help industry avoid dislocations in producingcountries... a healthy price for the world feels like 55-60,"Dudley told an oil conference in Cairo.
"The big question mark is shale: what happens to the U.S.shale production as oil prices go up, and that will keep a check on a spike in prices."
The Organization of the Petroleum Exporting Countries andother exporters including Russia have agreed to cut output byalmost 1.8 million barrels per day (bpd) during the first halfof 2017, aiming to rein in a global fuel supply overhang.
But undermining these efforts has been rising production inthe United States, where increased drilling activity especiallyby shale oil producers has lifted overall output to 8.98 millionbpd.
Oil rose on Tuesday, with benchmark Brent crude up80 cents to $56.39 a barrel at 1425 GMT, supported by theOPEC-led output cut while rising production elsewhere keptprices within the narrow ranges that have contained them so farthis year. U.S. light crude was up 70 cents at $53.63.
Claudio Descalzi, chief executive of ENI, told theconference that the Italian oil company was comfortable withprices.
"ENI can cover its capital expenditures at $50," he said.
BP warned that while consuming countries prefer lower oilproduct prices these were not necessarily good for globalbalances.
"Everyone likes low product prices and it feels good inthose (consuming) countries but this is actually reallydifficult on many producing parts of the world," Dudley said."It creates world instability to have low prices." (Reporting by Lin Noueihed and Eric Knecht; Editing by LouiseIreland/Ruth Pitchford)
