REFILE-Some 16 bln bbls of Latam oil could remain undeveloped if prices stay low [Reuters]
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Source: Reuters
Some 16 billion of Latam oil could remain undeveloped if prices stay low MEXICO CITY (Reuters) - Projects to develop up to 16 billion barrels of oil in Latin America are at risk of cancellation or delay as regional crude prices decline to their lowest levels in two decades, consultancy IHS Markit said on Monday in a report. The oil market is struggling to overcome a crisis caused by a combination of falling demand due to the coronavirus pandemic and a price war unleashed by the world’s oil powerhouses following their lack of agreement to curb output. The consequences have been harsh for oil-dependent nations in Latin America: sale prices are no longer covering production costs in many oilfields and storage space is filling up quickly, forcing some producers to cut output or delay investment. “At $50 per barrel, cash flow from this selection of assets to the end of the decade is approximately $40 billion. That same set of assets cumulatively do not make money at an oil price of $30 per
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