The paradigm in the oil industry was for super-majors commissioning multi-billion dollar, decades-long projects with massive fixed-costs, such as an offshore production facility.
As long as the variable costs of production - engineers and the like - remained below current prices, production carried on. This made for relatively inelastic supply, with production at a given time...
Industry Voice: Chris Taylor discusses the outlook for Japan, explaining why corporates are producing record aggregate profits and profits growth.
Comes in on 9 December 2019
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