News / Transporters of project cargo feeling the squeeze as global oil giants economise

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Movers of project cargo are already feeling the impact cutbacks in capital expenditure being implemented by the global oil giants.

BP, the world’s third-largest oil and gas company, today announced it is reducing investment by up to $6bn this year following a 20% fall in profits for the final quarter of 2014. The company is the latest to rein back on exploration projects as the crude oil price languishes at around $50 per barrel, close to a six-year low.

Exxon Mobil, ConocoPhillips ...