BP expects producers' cuts to keep oil prices above $50 a barrel

By Karolin Schaps and Ron Bousso LONDON (Reuters) - BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers' output cuts to keep prices above $50 a barrel this year. BP is the latest oil major to miss forecasts following worse-than-expected results from Shell, Exxon Mobil and Statoil. The oil major said it expected to be able to balance its books with an oil price of around $60 per