Potential oil output deal prompts another worry: a shortage

Potential oil output deal prompts another worry: a shortage
 

While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis - a supply shortage.
Over $1 trillion (£0.82 trillion) worth of oil projects have been cancelled or delayed, Saudi Energy Minister Khalid al-Falih said on Monday at the World Energy Congress in Istanbul, after companies slashed budgets due to oil prices more than halving to around $50 a barrel since mid-2014.
Oil fields take years to develop. In many cases, a decision... read more

 
12 October 2016 in Business, Views: 33
Source: Reuters
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