Oil & Gas News

BREAKING NEWS: Precarious Times Again In The Oil Industry

March 22, 2017

We are facing precarious times again in the oil industry. Cost-saving drilling techniques combined with cost cutting by the services companies, have helped increase U.S. shale production to levels that many fear could create another slump in oil prices. An article by Bloomberg shows this rally in global oil prices is stalling at the worst possible time for E&P’s, just as banks are reassessing credit lines crucial to their growth.

This year’s reviews are due to start next month. “The next month is going to be absolutely critical from an oil price standpoint,” said Paul Grigel, a Denver-based analyst at Macquarie Capital USA, by telephone. “If you see prices retrench further, clearly the banks are going to have to re-evaluate. They are going to say, ‘Should we be pulling back?’”

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