Oil industry in uncharted territory, says IEA senior exec
Singapore
The world is in uncharted territory where oil prices are concerned, a senior executive of the International Energy Administration (IEA) has said.
Neil Atkinson, the agency's head of the oil industry and markets division, said the oil industry has struggled to understand the shale phenomenon in the United States, and has failed, firstly, to foresee how rapidly it would grow, and secondly, how resilient oil production has stayed, even as oil prices tumbled in the last 18 months.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
World’s biggest tea buyer Lipton’s sale of last farms is a strategy shift
Insurance firms deny Chevron’s US$57 million claim for Iran oil seizure
China's approves first gene-edited wheat in step to open up GM tech to food crops
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
Gold prices hold ground as traders eye US Fed cues
Suspicious China cooking oil is hurting US biofuels business