CEO: BP reaches 'turning point'

The under-pressure boss of BP today insisted the beleaguered oil giant had reached a “turning point” despite production falling as it continues to sell off billions of dollars worth of assets in the wake of last year’s Gulf of Mexico oil disaster.

Chief executive Bob Dudley revealed the group was increasing the size of its asset sale programme from $30bn to $45bn as a part of a programme to boost its financial firepower.