Skip to content
Subscriber Only

Oil Price Risks Force Maersk to Plan Deeper Cost Cuts, CEO Says

  • Maersk CEO says company ready for fall in Brent crude prices
  • Lower oil prices ``definitely'' can't be ruled out, CEO says

A.P. Moeller-Maersk A/S is adapting its cost base to prepare for the risk of lower crude prices as the world keeps producing more petroleum than it can consume, according to the chief executive officer of the Danish shipping and oil conglomerate.

Oil has risen about 60 percent from a 2016 low. But the risk that prices will again fall is forcing Maersk’s oil unit to explore bigger cost cuts than previously planned, said group CEO Nils Smedegaard Andersen.