You are here

As drillers hunker down, Wall St sees oil bounce

CEOs across oil industry plan austerity measures to weather a sustained period of depressed oil prices

BT_20150424_SYDRILL24_1634112.jpg
"We're lower for longer," says BP's Mr Dudley, as oil industry executives shed staff and slash spending because they reckon that oil prices will remain depressed for at least five years.

Houston

THERE is a growing disconnect between Houston and Wall Street over when slumping oil prices will recover.

Beaten down by a seven-month rout that slashed crude prices from over US$147 a barrel last summer to US$42 a barrel, producers are bracing themselves for oil to remain...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes