THE global crude oil price may have touched its highest level in three years this week, but oil majors are unlikely to ramp up their spending anytime soon.
That is not surprising considering that some analysts and industry players reckon that the oil and gas sector (O&G) is not out of the woods yet due to concerns about new Covid-19 variants, increasing lockdowns and a general under-investment in the sector.
They argue that the current crude oil price is not sustainable and increases in the price of oil would actually have a negative impact of hurting the global economic recovery.
...