Oil price volatility is a phrase that sits at the core of oil and gas reality.
Since the oil price crashed in 2014, the “lower for longer” philosophy has crystallized the industry’s thinking. By undertaking a digital transformation and standardization strategy, the industry has slashed the cost of producing a barrel of oil to allow it to prosper at lower prices. But there is one area that has still not recovered, and that is investment. With many final investment decisions being postponed, the sector will struggle to meet demand going forward.
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