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Impact of oil price on upstream investment, costs and production in the Middle East and North Africa

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Report summary

Wood Mackenzie's estimate of capital expenditure between 2015 2017 in the Middle East and Northern Africa is down 16% since the oil price crash. Cost cutting lower activity service sector deflation and project deferrals have all contributed to the lower spend. However spend has increased in some sectors such as Northern Africa gas where major projects have been sanctioned in Saudi Arabia where Saudi Aramco is taking advantage of the lower cost base to maintain market share and Iran where the lifting of sanctions will prompt renewed investment.

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