The Obama administration's six-month moratorium on oil drilling could benefit BP, John Kingston, director of oil at Platts, a provider of energy information, told CNBC Friday.
"The great irony of course is that BP is maybe going to benefit from this (the moratorium) and all its other operations," he said.
"If you get triple digit prices because you've lost 900,000 barrels a day in worldwide production because of the moratorium, that means that every other barrel that they produce- whether it's in the north sea or in the coast of Africa or wherever- is now going to be providing more revenue to this company to pay the claims for the spill that created the moratorium in the first place," Kingston went on to say.
This comes on the heels of news from Japan, where the International Energy Agency executive director Nobuo Tanaka expects that global oil output could fall up to 900,000 barrels a day from projected levels for 2015.
"That is an enormous number," Kingston added. "This is more than anybody had projected. This is not just going to impact the gulf. You're going to have new rules that are going to be exported elsewhere."
