New York (AFP) – The oil price plunge will force energy companies will slash capital spending in North America, Europe and Asia in 2015, investment bank Evercore IS said Tuesday.But investment will continue to rise in Africa and the Middle East as producers in those areas seek to boost long-term output in the flooded global oil market.Evercore estimated that oil companies would cut spending on exploration and production globally this year by 10-15 percent, and by 25-30 percent in North America.”To sum it up, a sharp recession is coming to the global oilfield,” said James West, an oilfield services analyst …read more
Source: Business Insider
