Investments indicate "quiet optimism" in the oil industry

European oil will soon be competitive with the low break-even prices from the US, according to Wood Mackenzie. The latest investment decisions indicate "quiet optimism" in the oil industry, the firm writes.

Photo: Wintershall

In recent years, the global oil market has been under severe pressure from the US shale oil industry which has flooded the market on its low break-even prices, keeping North Sea oil prices in check.

Oil companies have severely cut down expenses to adjust costs and compete with the cheap shale. And the transition seems to be complete, writes Wood Mackenzie in a new analysis of announced Final Investment Decisions (FID) for the coming year.

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