Consultants Douglas-Westwood underlined that 2015 was a tough year, with spending and headcounts slashed across the industry and said the “spectre of bankruptcy is an all too common concern”. “Recent trends in commodity prices have not helped. Late December saw Moody’s downgrade its price forecast for 2016 by 17% and a further dip in the price of oil - Brent falling to the lowest level since 2004. Producers have continued to produce and new Iranian output may result in even more oversupply. By all accounts, 2016 is shaping up to be just as challenging as 2015. Where does this uncertainty leave the industry and what lies ahead?” said Andy Jenkins of Douglas-Westwood’s London office.
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