There has been a dramatic fall in E&P expenditure since crude prices have fallen.
8So far, the data shows that over $200 billion in global new project spending has been delayed, postponed or cancelled.
8Canada’s oil sands is taking largest hit with a 40% decline in capital spending in its oil & gas industry in 2015
8Shale producers reported losses of about $15 billion in Q2 2015 compared to profits of nearly $5 billion in Q2 2014
8US energy companies default on loan rate has accelerate to 4.8%--highest level since 1999 and up from 3.3% in August
8EIA has been consistently bringing down US crude production forecast every month.
8Clearly, low prices are hurting non-OPEC production and investment that may eventually lead to the rebalancing of the market in 2016 and that is the reason why OPEC producers like Saudi Arabia are pumping in production into the market even if low prices are hurting their economies.
For more details visit indianpetroplus.com
8So far, the data shows that over $200 billion in global new project spending has been delayed, postponed or cancelled.
8Canada’s oil sands is taking largest hit with a 40% decline in capital spending in its oil & gas industry in 2015
8Shale producers reported losses of about $15 billion in Q2 2015 compared to profits of nearly $5 billion in Q2 2014
8US energy companies default on loan rate has accelerate to 4.8%--highest level since 1999 and up from 3.3% in August
8EIA has been consistently bringing down US crude production forecast every month.
8Clearly, low prices are hurting non-OPEC production and investment that may eventually lead to the rebalancing of the market in 2016 and that is the reason why OPEC producers like Saudi Arabia are pumping in production into the market even if low prices are hurting their economies.
For more details visit indianpetroplus.com
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