BP CEO Bob Dudley sees crude futures firming this year

Bob Dudley, chief executive officer of BP Plc, pauses during the opening day of the 7th Organization Of Petroleum Exporting Countries (OPEC) international seminar in Vienna, Austria, on Wednesday, June 20, 2018.

Oil market conditions should improve over the coming months, BP CEO Bob Dudley told CNBC on Tuesday.

His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year.

“As we look it, it feels like the markets will be firmer,” Dudley said, when asked for his energy market forecast for 2019.

“I couldn’t predict the oil price but we are planning BP between $50 and $65,” he added.

Brent crude, the international benchmark for oil prices, was trading at $62.22 a barrel Tuesday afternoon, down 0.4 percent, while West Texas Intermediate (WTI) stood at $54.30, down 0.5 percent.