| As in the second quarter of the year, third quarter results for the oil majors, the international oil companies and other major listed operators, were disappointing. Some were downright awful. Why have results for the oil companies deteriorated so markedly, and what should we expect in the future? In this article, we’ll look primarily at upstream liquids — primarily crude oil production.
Historically, when crude oil consumption has reached 4.25% of GDP in the US, the consumer has chosen to reduce consumption rather than accept further price increases. This number represents a Brent oil price of $103 / barrel..............................................Full Article: Source |