ABU DHABI: The recent tumble of oil prices will create some discipline in the energy industry's capital spending, Robert Dudley, chief executive of oil giant BP, said on Monday.

Dudley was speaking at an energy industry conference in Abu Dhabi. He also said it was hard to predict where oil prices would go.

Dudley also said the oil major was committed to investments in Russia and had no plans to sell its stake in Rosneft despite Western sanctions against the country.

Sanctions imposed by the US and Europe over Russian support for separatists in Ukraine have hit the economy and the ruble currency has lost a quarter of its value since the middle of this year. The central bank on Monday forecast three years of near-stagnant growth.

The pressure from the West over President Vladimir Putin’s Ukraine policies has forced some international firms to re-evaluate their dealings with Russia, although the BP head indicated on Monday his firm wouldn’t be one of them.

“We remain long-term partners. We will not do anything to violate sanctions but sanctions don’t include doing business in Russia,” Dudley said in Abu Dhabi.

He also said the company had “absolutely no intention” of selling its 18.5 percent stake in Rosneft, and he would continue to serve on the board of the Russian energy firm.

“There’s even a possibility BP will have two seats on the Rosneft board next year,” Dudley said.