Capex cuts: the road to rebalance or rebound?

摘要

The supply response of US shale output to lower oil prices has garnered more than its fair share of news headlines over the last year. Where the collapse of US drilling rates have been straightforward to track, the longer term consequences of more conventional, bigger-ticket spending cutbacks has been tougher to gauge. Outside shale, the much longer lead times and investment cycles of projects means the fallout of upstream cuts now -while no less real— is less tangible.