"Everyone in the oil industry will suffer"

The consolidation wave within the oil industry will hurt all levels of the supply chain, says the chairman of Oil Gas Danmark at the industry organisation's annual meeting Wednesday.

No one can guarantee their own survival in the oil industry. That was the opening message from the chairman for industry organisation Oil Gas Danmark at its annual meeting, which took place in Copenhagen Wednesday. The meeting was shadowed by a massive fall in the oil price, which has dropped by 50 percent over the last 15 months. Oil companies had already been feeling the burn in their profit margins, but the weakening of their core sales item has pushed the industry into a consolidation mode, as it scrambles to make savings in construction costs and layoffs.

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