For those of you waiting for the inevitable rebound in oil prices, you might be waiting a while longer. Global energy markets are still holding out for a much bigger contraction in oil supplies before the oil price rallies, but the ongoing low-oil-price environment will likely put further pressure on this process. With the price of West Texas Intermediate (WTI) testing six-year lows, the rate at which energy companies are rushing to cut spending and cancel drilling projects will increase, eventually bringing about the much-needed market correction. Translation: oil falling below $40.00 per barrel was a good start, but we’ll need it to drop to $30.00 before extreme pressure on companies can translate to a much-anticipated rebound. Oil Price Crash: It’s Going to Get Worse Before It Gets Better If you thought the upstream exploration and production sector was going through a tough time, you haven’t seen anything yet. […]