Oil Industry Headed for Record Third Straight Year of Cutbacks

  • Supply may start to drop in two years, buoying price: Statoil
  • Companies likely to reduce investment more this year and next

Statoil CFO: Some Signs of Recovery Amid Uncertainty

Global crude supplies will start to dwindle in as little as two years, boosting prices, as the industry cuts investment to weather the worst market collapse in a generation, according to Statoil ASA.

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