3 Years Of Painful Cuts Sets Oil Markets Up For Serious Supply Crunch
Green Car Congress
JUNE 1, 2016
Statoil says that global capex is set to fall for two years in a row, and is on track to fall for a third year in 2017 as more spending cuts are likely. That widens to more than a million barrels per day in both 2017 and 2018. That will prevent any short-term price spike even if depletion surpasses new production.
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