| Patrick Lawlor talks to Andrew Shard, Head of International Equity Research at Investec Wealth & Investment UK, who explains the self-correcting nature of oil and how low prices stimulate new demand and reduce returns, making high cost projects unprofitable and leading to supply cuts. There is evidence that this is happening now: capex has been cut more than in any prior down-cycle, which could lead to a fall in supply and the stabilisation of prices. |
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