BP plc (BP) isn't as worried about the Middle East as some of its peers, CEO Bob Dudley said. Instead, the London-based oil company is most concerned about Venezuela as a geopolitical threat to the oil industry.

"I think Venezuela is just defying economic gravity," Dudley told CNBC at the Abu Dhabi Petroleum Exhibition & Conference. "I think that's a real wild card."

Venezuela is an OPEC nation and one of the world's largest oil producers. The country is currently mired in debt negotiations with foreign investors that began Monday. It's unclear if Venezuelan president Nicolas Maduro will succeed in the debt talks, which could increase the risk of a debt default for the country.

Venezuela is looking to restructure roughly $60 billion in bonds. The country has struggled in refinancing, as U.S. banks are forbidden from buying new Venezuelan bonds due to sanctions imposed by the U.S. government.

Many oil industry leaders have focused concern on the Middle East, where Saudi Arabia's and Iran's relationship has become increasingly delicate.

BP stock dipped 0.52% to $40.09 in early trading Monday. Shares have gained 7.2% since the start of the year.

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