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Oil News

Leaner times ahead?

Oil companies are bracing for leaner times. The threat of a supply glut and general unease about the sector appears to have forced a reaction from exploration and production companies, which have slowed drilling activity and are attempting to realise greater efficiencies through consolidation and cost cuts.

EIA: Brent crude prices to average ‘just about USD50 per barrel in 2026’

The US Energy Information Administration (EIA) expects a significant decline in the price of oil as growth in the global supply vastly surpasses growth in demand for petroleum products.