Projects worth $200b cancelled due to low oil prices | GulfNews.com

Projects worth $200b cancelled due to low oil prices | GulfNews.com:



"Projects worth around $200 billion (Dh734.47 billion) were cancelled globally in the last three months due to falling oil prices, an oil and gas expert told Gulf News.



Christophe de Mahieu, a partner in Dubai-based Bain and Company said a lot of companies are either cancelling projects or temporarily stopping work due to the slide in oil prices.



“Drilling activity in the US is dropping like a stone. The contracts are interrupted and drilling companies have stopped drilling because of the cash flow situation."



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