I’ve been following what’s going on at CERA Week in Houston, albeit remotely. Seems to be some interesting discussions all around. The general effect of the global downturn has been a key topic. BP’s CEO Tony Hayward mirrors our general thinking for the medium term (from the Houston Chronicle)
“I believe this is a crucial moment… The current maelstrom may interrupt but it will not stop the movement of one-third of the world’s population from a rural way of life to an urban one..We are living through a fundamental shift in the balance between supply and demand. This powerful trend will not be stopped by the turmoil we are now experiencing.”
Most of the super majors have not cut capex, even though there have been some announcement of furloughs and headcount reductions.
Will be interesting to see what the participants think of the US stimulus bill and its effect on oil demand.
Tony's pic courtesy of zimbio
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