Bernard Looney was speaking to CNBC's "Squawk Box Europe" on Wednesday.
Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
Energy giant BP reported a significant loss for the second quarter on Tuesday, after downgrading the value of some of its assets on expectations of lower commodity prices.
The Barakah plant's Unit 1 is the first of the country's planned four reactors, which when complete are expected to meet 25% of the country's electricity needs with zero carbon emissions.
OPEC and its allies need to find a balance between supporting oil prices and keeping U.S. crude production at bay, John Driscoll of JTD Energy Services said this week as the oil-producing group starts to roll back supply cuts.
Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.
Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world's biggest economy and oil consumer.