British energy company BP says it expects its production during the second quarter will move lower and markets will return to balance by the end of the year. Photo by akiyoko/Shutterstock LONDON, April 26 (UPI) — With lower spending on tap for the year, British energy company BP said the market could return to a healthy balance between supply and demand by year’s end. First out of the gates with a report in a first quarter that saw crude oil prices drop below $30 per barrel, BP said it was trimming its spending target toward the low end of its estimate between $17 billion and $19 billion for the year. The oil major said that forecast could be revised even lower if the oil economy remains weak. Chief Financial Officer Brian Gilvary said the company was envisioning a price range for oil at between $50 and $55 per barrel […]