The implications of the decline in crude prices on the international oil companies
09/21/2015

Agencies - low oil prices threaten the future of oil projects, including oil shale projects in the United States, where many of the oil companies operating on the postponement of the implementation of these projects.

Analysts say the company, "Wood Mackenzie" Consulting Co., Ltd. that the new projects in the oil sector, with investments estimated at 1.5 trillion dollars would be uneconomical at $ 50 or less for a barrel of black gold.

This crude oil prices have fallen about 60% since June 2014, when the high global production began to collide with a slowdown in economic growth. The slowdown in the growth of the Chinese economy's second-largest economy in the world has raised concerns about the strength of the global economy.

In light of falling oil prices Referrals increase of oil producers to take action to support prices, which presses Venezuelan President Nicolas Maduro months ago to hold an emergency meeting for "OPEC" and coordination with other oil-producing countries from outside the organization, but members of the organization from the Middle East are determined to increase production to maintain their share of the market in the face of increasing competition.

The new socialist-minded Maduro this week demanding action within the "OPEC" and beyond hinting at imposing restrictions on the production and the targeting of certain price levels.

The falling oil prices forced many international oil companies to reduce costs and delay new projects, particularly in North America where drilling companies respond quickly to price changes.

He joined "Goldman Sachs" to a long list of banks that have cut its forecast for oil prices as it trimmed earlier in the month of September / September, its forecast for the average US crude prices in 2016 to $ 45 a barrel from $ 57 in the previous estimate and ore blend "Brent" to 49.50 dollars, down from $ 62.

"Goldman Sachs" also did not rule out oil prices continue to decline over the medium term is approaching the level of $ 20 a barrel.

And US energy companies reduced oil rigs for the third week in a row last week in a sign that the latest drop in crude markets pays drilling for oil companies to suspend production plans which led to a slight increase in prices during the trading day Monday, September 21 / September.

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