More Oil Spending Cuts Coming as U.A.E. Warns About Supplies - Bloomberg

More Oil Spending Cuts Coming as U.A.E. Warns About Supplies - Bloomberg:

"International oil companies will probably cut investment spending about $370 billion this year and next, according to Wood MacKenzie Ltd., just as the United Arab Emirates warned about a “massive” number of projects being delayed because of the drop in crude prices.
The investment cuts will mean a 3 percent reduction this year in oil and natural gas production, equivalent to 5 million barrels of oil, and another 4 percent, or 6 million barrels, in 2017, Jessica Brewer, a Middle East analyst for WoodMac, said in an interview at the company’s Dubai office Thursday. The global oil industry has postponed a number of projects, raising the risk of a slump in output and a potential shortfall in supply, U.A.E. Energy Minister Suhail Al Mazrouei told reporters in Abu Dhabi Thursday."



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