With little left to cut, oil majors must wait for a recovery
When the pain becomes so strong that big corporations see no other choice than asking for the market to throw more money at them its is getting interesting. Because I do not expect everyone to make it in one piece out of this rout. It’s not about cutting costs. It should be about looking at everything with the magnifying glass to identify where to reallocate money. Only cutting means that they essentially want to remain as they are and muddle through the hard times with some cosmetics. But cosmetics can’t fix cancer.
