A report from auditors PricewaterhouseCoopers (PwC) has revealed that oil prices are unlikely to climb back to the $100 level, and will have a limited rise from the current spot price to between $60 and $70 per barrel over the next few years. The rise, which would pull oil prices up from the below $50 per barrel mark where it has sunk since late October, should facilitate a rise in capital expenditure (capex), PwC argued. The report highlights the precipitous decline in global upstream capex, where some commentators have said that there has been a 40 percent reduction in this genre of spending, compared to the highs of 2014. Oilfield service companies have also been battered by a broad decrease of drilling activity, and operational costs. For example, there has been a 30 percent decrease in the day rates for drilling ships this year, compared […]