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On October 2, Fatih Birol, director general of the International Energy Agency (IEA), revealed that global oil industry investment is expected to fall by 20% in 2015 compared to 2014, which will be the largest decline in history
.
Oil prices below $50 a barrel are already hitting investment plans by Big Oil, National Oil and Independent Oil Companies, which must find ways to
save cash.
Cutting investment now will delay upgrades and frontier exploration of existing fields, meaning output will slow
in the coming years.
Some analysts expect oil and gas prices to recover after falling or staying low
.
Morningstar, a research firm, told clients last week that it doesn't expect the oil market to be fully balanced
until 2017 at the earliest.
On October 2, Fatih Birol, director general of the International Energy Agency (IEA), revealed that global oil industry investment is expected to fall by 20% in 2015 compared to 2014, which will be the largest decline in history
.
Oil prices below $50 a barrel are already hitting investment plans by Big Oil, National Oil and Independent Oil Companies, which must find ways to
save cash.
Cutting investment now will delay upgrades and frontier exploration of existing fields, meaning output will slow
in the coming years.
Some analysts expect oil and gas prices to recover after falling or staying low
.
Morningstar, a research firm, told clients last week that it doesn't expect the oil market to be fully balanced
until 2017 at the earliest.
