BRIEFING Global Oil Industry Struggles at $50/bbl, US Shale Hurts Badly

摘要

The global oil industry has spent the last five years adjusting to lower crude prices. International oil companies (lOCs) and many national oil companies (NOCs) have retooled their portfolios to focus on producing lower volumes of low-cost, higher-profit assets. New technologies have been employed to boost productivity and, as a result, tens of thousands of workers have been laid off globally. While those efforts have largely succeeded, with most big oil companies remaining profitable despite the slide from $100 per barrel-plus oil and the huge drop in natural gas prices, the reality is that the global oil industry — with the exception of some Middle Eastern producers — cannot make money with crude trading at $50/bbl.