“Race To The Bottom” In Oil Continues: ENI (Europe’s “Chevron”) Raises Production, Slashes Capex, Suspends Buybacks
by Tyler Durden
ZeroHedge.com
03/13/2015
Oil prices legged lower in the last few minutes as Italy’s largest energy company ENI has made a series of rather major announcements. The company plans to sell EUR8bn in assets, slash capex by 17%, and suspends buybacks. But perhaps most worryingly for the oil-patch, ENI plans to increase production 3.5% each year until 2018 as the race to the bottom in energy markets continues.
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