Almost $1tn of spending on future oil projects is at risk after the dramatic plunge in crude prices to nearly $60 a barrel, Goldman Sachs has warned.
Any cancellation of these developments would deprive the world of 7.5m barrels a day of new output over the coming decade, or 8 per cent of current global oil demand.
The findings suggest that the supply glut that has sent prices tumbling this year could soon vanish as the oil majors delay big-ticket production projects, the lifeblood of future fuel supplies.
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