Oil sector heads into new world order
Leaders gathering in Houston next week for IHS CERAWeek conference will have much to discuss
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THE Saudis may go public, the Organization of the Petroleum Exporting Countries (Opec) in disarray, the United States is suddenly a global exporter, and shale drillers are seeking lifelines from investors as banks abandon them.
Welcome to oil's new world order - full of stresses, strains and fractures. For leaders gathering in Houston next week at the IHS CERAWeek conference - often dubbed the Davos of the energy industry - a key question is: What will break first? Will it be the balance sheets of big US shale companies? The treasuries of Venezuela and Nigeria? The resolve of Saudi Arabia, whose recent deal with Russia to freeze output levels offered the first hint of a rethink?
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