After a period of sustained improvement, the upstream sector ended a politically tumultuous year on an unexpectedly somber note as oil prices skidded in the final months of 2018 amid oversupply concerns and signs of a cooling global economy.While these short-term trends have added a cautionary tone to some industry projections, a generally hopeful sentiment remains among analysts. Wood Mackenzie's senior vice president, Tom Ellacott, for one, believes the upstream sector will thrive this year."Oil and gas companies can cope with whatever's thrown at them in 2019," Ellacott said in mid-December. "Portfolios are set to weather low prices."
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