Another week and oil prices are once again on the minds of many in the industry. With WTI settling in around $50 and Brent near $60, the question for many is once again, is this going to be the new normal? Next week will (hopefully) provide more answers as OPEC and its allies meet in Vienna. Saudi Arabia—the de facto leader of the cartel—says it will not cut production to stabilize global production on its own. Instead, it seeks a unified front on cuts. The wild cards—Russia and Nigeria—which have both said it is still too early to determine if they’d join in making cuts. Two companies who aren’t sweating the drop in oil prices are BP and Equinor, both of which said this week that their spending plans are unaffected by the 25% drop in oil prices since October. BP CEO Bob Dudley told reporters in Edinburgh, Scotland, “We’re planning the future of BP and always have through the cycle on $50 and $60, so it is not changing our capital investment plan.” Meanwhile, Dudley also said at the Edinburgh conference that he believes President Donald Trump remains a “friend of the oil and gas industry.” That’s despite […]
