Around the world, explorers are pulling back on drilling programmes, rigs are idle and some companies are eyeing hiring supertankers to stockpile oil while prices are at six-year lows.
Oil prices dipped yesterday with Brent crude closing at US $47.57 and West Texas Intermediate hitting a similar trough at US $45.90 a barrel. The drop came as Goldman Sachs sharply cut its forecast for 2015 oil prices, projecting the US commodity would hit US $41 a barrel in three months and US $39 a barrel in six months, down from US $70 and US $75 previously.
Listed New Zealand Oil & Gas says it is cutting back its exploration and the price plunge had the industry reassessing work programmes.
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