Oil Slump Seen Delaying $380 Billion Worth of Developments
- Sixty-eight major oil projects postponed: Wood Mackenzie
- About 27 billion barrels of oil equivalent output deferred
This article is for subscribers only.
Oil’s collapse has delayed $380 billion worth of investment on 68 major upstream projects, according to industry consultant Wood Mackenzie Ltd.
The developments account for about 27 billion barrels of oil equivalent and about 2.9 million barrels a day of production is being deferred to early next decade, according to the Jan. 12 report. Deepwater projects will be hit the hardest and account for more than half of new project deferrals, it said.