Crude prices have been on a downward slide of late from previous levels of more than $100 a barrel on the eurozone debt crisis and a more negative economic outlook for major economies the US and China, despite a recent spike due to Iran sanctions and the strike off Norway that have cut supplies.
With West Texas Intermediate crude trading on Tuesday at around $85, US-based Dahlman Rose has warned in its latest E&P spending survey update that E&P spending cutbacks could kick in if prices fall further to between $75 and $80 per barrel.
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