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Oil industry slipping into the red

Many top firms post Q3 losses; 2016 outlook grim

LOSING STEAM: European oil companies will on average require an oil price of around US$78 a barrel in 2016 to cover spending and dividend payments.


THE oil sector is gradually slipping into the red after years of fat profits as the slump in oil prices and a grim outlook bite deeper.

The world's top oil companies have struggled in recent months to cope with the halving of oil prices since June 2014, cutting spending