BP (BP) CEO Bob Dudley emphasized the importance of December's OPEC agreement to cut oil output, in an interview with CNBC on Tuesday afternoon.

"The OPEC agreement in December has brought some stability back, and I think there is a real commitment to meeting that," Dudley contended.

The deal has increased the level of confidence in oil investments, he added. 

Regarding BP, Dudley expressed the significance of 2017 and contended that the company will see growth this year.

"2017 is a really important year for us, we have more new projects being commissioned than ever before in the history of the company," Dudley said.

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