It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
AUSTRALIAN Worldwide Exploration reported a staggering 647 per cent jump in its annual profit. Managing director Bruce Wood said: The result was driven by an amazing performance at the Tui oilfield in New Zealand and record oil prices, which set the scene for a perfect storm. Click here for full story. For company’s website, click here
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