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BP CEO Bob Dudley joined a growing chorus of oil leaders predicting the historic lows in crude prices over the past two years are nearing an end.

“I’m happy to report that the global supply and demand balance recently have moved toward a better balance,” he said Thursday during a speech at the Economic Club of Washington, D.C. “We expect this trend to continue in the second half of 2016. But we’re not expecting the days of $100 oil to return anytime soon, so we must maintain our discipline.”

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Dudley, who was named CEO in 2010, predicted an oil price of $50 a barrel at the end of this year and between $50 and $60 oil prices next year.