Cost reductions yet to pull refiners out of doldrums

WORLDWIDE REVIEW-ConclusionWeak demand for oil in spring 1998 reduced margins for the refining industry to record low levels in 1999.This article, based on a study published by IFP in December 1999, documents the effects of the crash on industry investment. After a difficult period, investment levels for the upstream oil industry will recover in 2000. Investment in the refining sector, on the other hand, suffered in 1998 and 1999 and will remain low in 2000.This is the third and concluding article in a series documenting the worldwide activity in the oil and gas industry in the past 2 years.The first article covers the exploration and production sectors. The second article summarized dril...

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