IEA Thinks Oil Industry Could Cut Capex 3 Years In A Row | Seeking Alpha

IEA said that investments in oil and gas are set to drop by 24% this year to $450 billion higher than the 17% decline estimated in February. E&P companies continue to struggle as low oil prices make credit increasingly costly. This has led to oil discoveries hitting the lowest level since 1947.

Source: IEA Thinks Oil Industry Could Cut Capex 3 Years In A Row – Oil Markets Daily – The United States Oil ETF, LP (NYSEARCA:USO) | Seeking Alpha

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