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The Globe and Mail

Russia's much-needed oil price bump unlikely to come any time soon

Russia's much-needed oil price bump unlikely to come any time soon

  • 18.06.2015
  • min read

The Globe and Mail

Russia's much-needed oil price bump unlikely to come any time soon

At the St. Petersburg International Economic Forum (SPIEF), Peter Parry, the leader of Bain & Company's Oil & Gas practice, said industry capital spending is down 20% or more over a year. He said the reduced spending means 1 million to 1.5 million barrels a day of capacity will not be built every year. "Over time, it leads to a significant reduction in capacity," he said.