‘Brutal’ Cost Cuts May be Ahead for Oil Industry

Oil and gas companies might be heading for another round of ‘brutal’ cost cuts in the wake of the oil price crash caused by coronavirus outbreak and Saudi-Russia stand-off on output cuts.

Wood Mackenzie’s Tom Ellacott said: “The price collapse could be the trigger for a new phase of deep industry restructuring – one that rivals the changes seen in the late-1990s.”

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