Oil slump leads to $200bn cut in new energy projects - study

The world’s top energy firms have put off $200 billion in spending on 46 major oil and gas projects due to the oil price slump, according to energy consultancy Wood Mackenzie. This is in reaction to the oil price dropping, with it now at to 4-month low.

“The dramatic fall in oil prices in 2014 and subsequent dismantling of 2015 company budgets has, by mid-year, already resulted in over 45 major project final investment decision (FID) deferrals,” analyst Angus Rodger from Wood Mackenzie reported late Friday in his blog.

The deferred range of onshore, shallow-water and deepwater projects had 20 billion barrels of oil, according to the report .... http://www.rt.com/business