{"id":6402,"date":"2015-03-11T05:25:05","date_gmt":"2015-03-11T10:25:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6402"},"modified":"2015-03-11T05:25:05","modified_gmt":"2015-03-11T10:25:05","slug":"saudi-exec-expects-1-trillion-drop-in-energy-investments","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6402","title":{"rendered":"Saudi Exec Expects $1 Trillion Drop In Energy Investments"},"content":{"rendered":"<h1><a href=\"http:\/\/oilprice.com\/Energy\/Energy-General\/Saudi-Exec-Expects-1-Trillion-Drop-In-Energy-Investments.html\" target=\"_blank\">Saudi Exec Expects $1 Trillion Drop In Energy Investments<\/a><\/h1>\n<p>A high-ranking Saudi Aramco executive says the plunge in energy prices already has caused many in the industry to cut spending on oil and gas projects, and the trend probably will continue for a few years, perhaps reaching a cut of $1 trillion in investments.<\/p>\n<p>\u201cChallenges during down cycles are more complicated today than before,\u201d Amin Nasser, a senior vice president for exploration and development at Saudi Aramco,<a href=\"http:\/\/uk.reuters.com\/article\/2015\/03\/09\/oil-projects-idUKL5N0WB1ZY20150309\">told the Middle East Oil and Gas Show on March 9 in Manama, Bahrain<\/a>.<\/p>\n<p>\u201cAt this moment the global industry is poised to potentially cancel about $1 trillion in capital funding,\u201d Nasser said.<\/p>\n<p>Later Nasser told reporters on the sidelines of the conference that the $1 trillion amount included initiatives that might be delayed, not merely those that would be canceled altogether. \u201cWhat we\u2019ve heard from the industry is that there is $1 trillion of planned projects that will be dropped or deferred over the next couple of years because of what\u2019s happening,\u201d he said, without identifying his source.<\/p>\n<p><a href=\"http:\/\/oilprice.com\/Energy\/Energy-General\/OPEC-Boasts-About-Pain-In-U.S.-Shale.html\"><strong>Related:\u00a0OPEC Boasts About Pain In U.S. Shale<\/strong><\/a><\/p>\n<p>The price of oil has plunged since late June from around $115 per barrel to around $60 today because of an oversupply caused by increased US production of shale oil and weaker demand for oil, especially in China and Europe.<\/p>\n<p>This has eaten into the profits of both big and small energy companies, leading them to cut costs in many ways, including employee layoffs. But the largest hits are being felt in capital expenditures in companies ranging from\u00a0<a href=\"http:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Low-Oil-Prices-Lead-Tullow-To-Suspend-Dividend.html\">Exxon Mobil Corp. of the United States, Norway\u2019s Statoil and Britain\u2019s BP.<\/a><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Exec Expects $1 Trillion Drop In Energy Investments A high-ranking Saudi Aramco executive says the plunge in energy prices already has caused many in the industry to cut spending on oil and gas projects, and the trend probably will continue for a few years, perhaps reaching a cut of $1 trillion in investments. \u201cChallenges [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1996,263,349,4086,588,1729,701,846],"class_list":["post-6402","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-capital-expenditures","tag-energy","tag-gas","tag-investments","tag-oil","tag-oil-and-gas-industry","tag-saudi-arabia","tag-us-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6402"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6402\/revisions"}],"predecessor-version":[{"id":6403,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6402\/revisions\/6403"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}