Oil Approaching $35 Final Blow to Greenland's Exploration Dreams
- Reserves may be large enough for two years of European demand
- Greenlandic premier says oil expections have been too high
Extending Losses: The Catalysts for Oil's Price Move
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After decades of estimates that Greenland may be sitting on oil reserves big enough to meet almost two years of European demand, the Arctic island is throwing in the towel.
Oil is now simply too cheap for Greenland to continue dreaming of the oil bonanza that captured the imagination of its citizens less than a decade ago.