| Very few large oil projects will go ahead if crude stays below $50 per barrel, setting the scene for a rebound in prices, the chief executive of Chevron of the US has said. Speaking as Chevron became the latest oil company to announce a cut in capital spending in response to the plunge in crude, John Watson said that given fiscal terms and production costs around the world, “I don’t see many investments that are going to go [ahead]” at current prices.
He added that in spite of the excitement over booming US shale oil production, “you’re going to see reduction in that rate of growth in response to current prices”...............................................Full Article: Source
|