Oil and gas projects worth $380 billion have been postponed or cancelled since 2014 as firms slash costs to survive the oil price crash, including $170 billion of projects planned between 2016 and 2020, energy consultancy Wood Mackenzie said. Crude oil prices have fallen by 70 percent since mid-2014 to just over $30 per barrel as soaring global production leaves hundreds of thousands of barrels a day without a buyer, while demand – especially in once-booming Asia – is slowing markedly. Oil and gas firms were being forced into survival mode as oil prices fell to levels last seen in 2004, Wood Mackenzie (WoodMac) said in a report on Thursday. “The impact of lower oil prices on company plans has been brutal. What began in late-2014 as […]