Barclays: Global E&P budgets to see double-dip in 2016

In a survey of 225 companies for the annual Barclays E&P Spending Outlook, upstream oil and gas companies plan to reduce spending by 15% globally in 2016, following a 23% decline in 2015. This represents only the second time spending has fallen in consecutive years in the 31-year history of the survey. The first “double-dip” decline was back in 1986-87.

Source: News