CHEVRON: MARKETS ARE BETTER
Crude oil markets are coming back into "better balance" as supplies are cut back in response to lower prices, Chevron Chief Executive Officer and Chairman John Watson said Tuesday.
The oil industry in early 2015 responded to lower revenue by reducing spending on long-cycle projects, Watson told journalists on the sidelines of the LNG 18 conference in Perth, Western Australia.
"Now we're seeing reductions in spending on shorter cycle projects, in other words immediate drilling activity," Watson said. "Rig rates in the US are down…
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.