LOW OIL PRICES: $1.5 TN
Plunging oil prices have rendered more than a trillion dollars of future spending on energy projects uneconomic, according to a study that suggests that the impact on industry operators is worsening.
A report published Monday says $1.5tn of potential investment globally — including in North America's shale-producing heartlands — is "out of the money" at current oil prices close to $50 a barrel and unlikely to go ahead.
Industry operators expect capital spending on new projects to decline by between 20 and 30 per cent on average in the wake of the price slide, says Wood Mackenzie, the energy consultancy. It calculates…
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