Big Oil Cuts Back as $60 Oil Bites ...Middle East

OILPRICE - Economy
Big Oil Cuts Back as $60 Oil Bites
source : OILPRICE ( Middle East ) () 109
In their first-quarter financial reports this year, Big Oil majors signaled they were doing just fine in a $60-per-barrel oil environment. Spending plans were aggressive, there was no mention of job cuts, and production plans featured the word “growth”. Six months later, with the price of oil still hovering between $60 and $70, things are changing. Oil jobs in the U.S. shale patch were falling at the fastest pace since 2022, when Brent crude and West Texas Intermediate went from over $100 per barrel to below $80 in a matter of six months.…

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