Low Prices May Force Global Oil Industry to Slash Future Spending by $1 Trillion

JOHANNESBURG--March 13, 2015--Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--While the oil sector was still in shock from the plunge in prices, Goldman Sachs (NYSE:GS) (New York) warned in December that almost $1 trillion of spending on future oil projects was at risk. The investment banking firm said any cancellations of developments could deprive the world of 7.5 million barrels per day (BBL/d) of new output during the coming decade, equivalent to 8% of current global oil demand.

Within this article: Oil and gas spending forecast.