Almost $1tn of spending on future oil projects is at risk after a brutal plunge in crude prices to nearly $60 a barrel, Goldman Sachs has warned. Any cancellation of these developments would deprive the world of 7.5m barrels a day of new output over the coming decade — or 8 per cent of current global oil demand. The findings suggest the supply glut that has sent prices tumbling could soon vanish as the oil majors delay big-ticket production projects — the lifeblood of future petrol supplies, heating fuels and chemicals. Brent, the international benchmark, has fallen more than 45 per cent since mid-June amid surging US shale production, strong supply from the Opec cartel and weak oil demand in Europe and Asia. The price plunge has shaken the energy industry, throwing […]