Spencer Dale - group chief economist

BP's group chief economist, Spencer Dale, is responsible for advising BP's Board and executive team on economic drivers and trends in global energy

“The emergence of shale oil, together with growing concerns about climate change and the environment, means that the beliefs that many of us have used in the past to analyse the oil market are out of date.  We need a new toolkit, a new set of principles, to guide our analysis of the oil market.”
Spencer Dale

Role at BP

Spencer Dale is group chief economist of BP plc. He manages BP’s global economics team, providing economic input into the firm’s commercial decisions. BP’s economics team also produces the annual Statistical Review of World Energy and Global Energy Outlook.

Background

Spencer Dale joined BP as group chief economist in October 2014. Prior to that, he was executive director for financial stability at the Bank of England and a member of the Financial Policy Committee. Between 2008 and 2014, Spencer was chief economist of the Bank of England and a member of the Monetary Policy Committee. Spencer joined the Bank of England in 1989 and served in numerous roles, including private secretary to Mervyn King and head of economic forecasting. Spencer served as a senior advisor at the US Federal Reserve Board of Governors between 2006 and 2008.

Education

He was educated at the University of Wales, gaining a BSc in Economics in 1988 and at the University of Warwick, gaining an MSc in Economics in 1989, whereupon he immediately joined the Bank of England.

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