Southeast Asian upstream company KrisEnergy Limited, which has set a record low capital expenditure target for 2016, expects turbulent times for the oil industry to continue this year, while it expects Asian demand to grow at a relatively slower pace, CEO Keith Cameron said Tuesday. “The upstream industry is enduring one of its most challenging cyclical downturns in decades and a confluence of factors — the crash in oil prices, stymied economic growth and political upheaval — have taken a toll on investor confidence,” Cameron said in the company’s annual report. “These grim conditions may last well into 2016 before any eventual recovery in oil prices is sustained,” he added. The report said that the company had set 2016 capex at $50.8 million, the lowest level since KrisEnergy was established in 2009 and down 77.4% from $224.7 million in 2015. Article Continues below… Oilgram News brings you fast-breaking global […]