The World Just Lost One Of Its Biggest Oil Plays To Low Prices
Energy analysts Wood MacKenzie said last week that low oil prices have now caused the delay of 68 planned petroleum projects globally. Representing $380 billion in frozen capital expenditures.
And news late last week shows it’s not just the private sector shutting things down in oil development.
Governments are also now looking to hold off on developing their in-ground reserves at low prices. Led by oil powerhouse Brazil, which said Friday that it will discontinue offering new offshore projects in one of its most prospective regions.
Governments are also now looking to hold off on developing their in-ground reserves at low prices. Led by oil powerhouse Brazil, which said Friday that it will discontinue offering new offshore projects in one of its most prospective regions.
DYI Comments: Low oil prices are only temporary as geopolitics are being played.
Prices could very easily be push down further with the worlds economy slowing. If a world
wide recession occurs pushing oil prices to the teenager level lump summing into Adams
Natural Resource Fund symbol PEO is advised. And/or dollar cost average into Vanguard's
Energy Fund symbol VGENX.
Happy Hunting!
DYI
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