Oil prices are down.
It's no secret. Oil prices are down and today's newspaper featured experts who estimated that USD40 to USD50 per barrel will be the new "normal" for the next five to six years. The days of multi-month bonuses are gone. The days of oil and gas being the lucrative sector are a distant memory.
The oil companies are now facing the reality of cheap oil: Hurrah say the developing nations! Hurrah say the advanced nations! And in the quiet corner of the room, the oil-producing countries shed their tears quietly.
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