Only Largest US Oil Producers Likely To Survive Price Collapse

WASHINGTON (UrduPoint News / Sputnik – 23rd April, 2020) The US oil industry will have to go through an enormous reorganization after the collapse in prices and the biggest players are the only ones likely to be left standing, former EU consultant and current p\President of the Global Policy Institute Paolo von Schirach told Sputnik.

Earlier this week, the West Texas Intermediate (WTI) crude oil price benchmark fell into negative territory for the first time in history.

“Only the biggest oil players will be able to weather this unprecedented disaster,” Schirach, who is also professor of international affairs at Bay Atlantic University, said. “But even those will have to lower jobs. … The post-epidemic oil sector will be leaner. It will be streamlined.”

Read the full interview here.