Time to toll the warning bells

In the midst of rapidly falling oil consumption

At stake now are the future projects. For OPEC, and for international oil companies, low oil prices naturally lead to significant cutbacks in future expansion plans. Oil companies are keeping a wait-and-see stance justified by the easing of pressure on supplies. A number of projects are no more feasible. Investment has dropped off and, keeping in view the gap of roughly ten years between geological discoveries and bringing it to market, this definitely does not bode well for the industry.

In West Africa, termed by some as the next global oil frontier the expensive