BP's CEO confident on coping with low oil price

BP has positioned itself to weather any shocks, and the company makes investment decisions based on a price level of 80 U.S. dollars, the firm's CEO Bob Dudley said here Wednesday.

On Monday, the price for light, sweet crude for December delivery slipped below 80 U.S. dollars a barrel on the New York Mercantile Exchange, tumbling from over 107 U.S. dollars a barrel on June 20. December Brent crude dropped to less than 86 U.S. dollars on the same day, around 25 percent lower than the peak level four months ago.

Dudley told a conference that European and U.S. sanctions on Russia haven't affected BP directly. The company roughly has a 20 percent stake in Russia's OAO Rosneft.

"We are a long-term investor. I'm confident this will remain a good investment," he said.

"We're actually in a very good position to certainly withstand a sustained period of low oil prices," Dudley added.

BP announced Tuesday that its profits for the third quarter of 2014 were 3 billion U.S. dollars, compared with 3.7 billion U.S. dollars a year before, as oil prices dipped and profit from Rosneft dwindled significantly.