(FT) Oil price fall threatens $1trillion worth of projects

The findings suggest the supply glut that has sent prices tumbling could soon vanish as the oil majors delay big-ticket production projects ”” the lifeblood of future petrol supplies, heating fuels and chemicals.

Brent, the international benchmark, has fallen more than 45 per cent since mid-June amid surging US shale production, strong supply from the Opec cartel and weak oil demand in Europe and Asia.

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