Big oil is getting smaller. Many of the oil services companies that are employed when new fields are being developed have been laying off workers, and oil companies have been writing down their assets. The problem is the persistent low price of oil. Despite the best efforts of OPEC − the organisation representing the developing world’s oil producing countries − to limit production and put a squeeze on supplies, oil prices have risen only slightly.This has put many potential fields in the category of being too expensive to exploit − particularly in the case of the tar sands of Canada, and in the Arctic and difficult-to-reach offshore locations.
Climate News Network 13th May 2017 read more »