From Canada to Australia, from Houston to Egypt, companies are having to rethink their plans drastically as oil price plumbs new lows. The global energy sector is racing to adjust to the new reality of sharply lower prices, slashing payouts and postponing investments until the dust settles from the bombshell dropped last week by the Organization of Petroleum Exporting Countries. Oil prices have plummeted since OPEC chose not to cut output, leaving the market for the world’s most important commodity drastically oversupplied. They continued their descent Friday after Saudi Arabia reportedly offered even bigger discounts for the month of January on the crude it sells to customers in Asia and the U.S..https://fortune/2014/12/05/payouts-cut-budgets-slashed-funds-closed-as-energy-cos-tighten-belt/?utm_content=buffer13a27&utm_medium=social&utm_source=facebook&utm_campaign=buffer
Posted on: Fri, 05 Dec 2014 13:09:55 +0000
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