A glut of crude causes tighter development budgets
Mexico, Britain, Ecuador, Malaysia. The list of oil-exporting nations that have cut their prices keeps growing longer. After years of feasting on high prices brought on by petroleum scarcity and soaring demand, the oil-producing states are discovering that the price of crude can go down as well as up. Drooping demand and a steadily swelling surplus production of some 2 million bbl. per day have created a miniglut that grows bigger by the week.
From the oilfields of Southeast Asia to the offshore drilling rigs of North Africa and the North Sea, petroleum prices are...
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