Shell, Exxon set the scene for future oil-price shock after $US114 billion cuts
Article by Bradley Olson published 22 April 2015 by The Sydney Morning Herald
Shell, Exxon set the scene for future oil-price shock after $US114 billion cuts
As the oil patch grows accustomed to a new world of $US50 to $US60 crude, it’s now looking ahead to a different but equally daunting sort of cliff.
Oil companies are warning there will be a price to pay – a much higher price – for all the cost cutting being done today to cope with the collapse in the crude market. Big projects intended to start pumping oil and natural gas 5 to 10 years from now are being canceled or put on hold as the price crash forced $US114 billion in spending cuts on the industry.
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