Current CAPEX Reductions as Future Price Support — EuroMed Offshore Oil & Gas E&P Summit
Capex cuts amounting to more than $200 billion across the whole upstream industry have resulted in project delays and cancellations in Europe and elsewhere, as well as potential losses in future production. Recent non-OPEC production growth could soon reverse into net decline. The oil market could thus once again face the challenge of meeting demand growth in the future. How can the offshore industry in the Mediterranean position itself to seize on opportunities arising from a more volatile oil market?