Making investment decisions has become an exercise in extreme hand-wringing for executives in the oil and gas industry these days, mainly because of dramatic changes in the global supply-demand picture that have reduced the price of oil by roughly half over the past year. BP describes 2014 as a year of'tectonic shifts" in its latest Statistical Review of World Energy and suggests the planning process for oil companies, which must take decades-long views on big investments, won't get any easier anytime soon.
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