Oil prices to remain soft in short, medium term: BP CFO

LONDON (Reuters) - Oil prices are expected to remain soft in the short and medium term, BP's (NYSE: BP) chief financial officer told a news conference on Tuesday.

Oil prices have halved over the past year on a global glut, while the prospect of additional supply from Iran once Western sanctions are lifted has weighed further on values in recent weeks.

"We haven't seen the full effect yet," BP CFO Brian Gilvary said, referring to a ramp-up in exports from Iran.

Chief Executive Bob Dudley added that slower Chinese economic growth, increased production from OPEC members and rising U.S. oil output were adding to the bearish picture.

Dudley indicated BP was planning its projects to break even at an oil price of $60-65 a barrel.

Brent crude prices fell close to a six-month low on Tuesday below $53 per barrel.

(Reporting by Ron Bousso; Writing by Karolin Schaps; Editing by Dale Hudson)

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