Eye opening presentation about oil market forecasts. In the last few years, oil companies spent an increasing amount of money for exploration and discovery, but as the price of oil is more or less stable, their operation starts to become less profitable, so they have started to reduce spending, and sell assets in order to be able to pay dividends. Most companies need crude oil at $100 or over in order to be profitable, with Petrobas needing $150 per barrel.
Source: http://energypolicy.columbia.edu/events-calendar/global-oil-market-forecasting-main-approaches-key-drivers
Nice summary @ http://ourfiniteworld.com/2014/02/25/beginning-of-the-end-oil-companies-cut-back-on-spending/
