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Oil slump pushing industry into 'sharp recession'

Firms to slash spending in North America, Europe, Asia: Evercore

Thu, Jan 08, 2015 - 5:50 AM

Not all gloom as investment will continue to rise in Africa and the Middle East as producers in those areas seek to boost long-term output in the flooded global oil market.

PHOTO: AFP

New York

THE oil price plunge will force energy companies to slash capital spending in North America, Europe and Asia in 2015, investment bank Evercore ISI said. But investment will continue to rise in Africa and the Middle East as producers in those areas seek to boost long-term output...

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