| The rapid decline in energy prices is expected to have a large impact on investment in oil and gas projects worldwide. Since June 2014, the price of Brent crude oil price has collapsed due to a supply glut fuelled by a rise in US shale oil production, as well as weaker global demand, particularly in China and Europe.
Speaking during the Middle East Oil and Gas Show in Manama, Bahrain, Amin Nasser, Senior Vice President for Upstream Operations at Saudi Aramco, told local press: "Challenges during down cycles are more complicated today than before. At this moment the global industry is poised to potentially cancel about US$1 trillion in capital funding." This figure includes delayed projects as well as those that could be cancelled outright...............................................Full Article: Source
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