A chance for West’s oil giants to do a rethink | GulfNews.com:
"The 40 per cent plunge in oil prices since July, when Brent crude peaked at $115 a barrel, is almost certainly good news for the world economy; but it is surely a crippling blow for oil producers. Oil prices below $70 certainly spell trouble for US and Canadian shale and tar-sand producers and also for oil-exporting countries such as Venezuela, Nigeria, Mexico and Russia that depend on inflated oil revenues to finance government spending or pay foreign debts.
On the other hand, the implications of lower oil prices for the biggest US and European oil companies are more ambiguous and could even be positive.
In fact, the shareholders of oil majors such as Exxon, Chevron, Shell, BP and Total could be among the biggest beneficiaries of the price slump, if it forces their corporate managements to abandon some of the bad habits they acquired in the 40-year oil boom when Opec first established itself in January, 1974."
'via Blog this'
No comments:
Post a Comment