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Oil Execs: 'We’ll Make It Out Alive'

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Oil Execs: 'We’ll Make It Out Alive'

Oil and gas execs gathered at the annual IHS CERAWeek energy gathering in Houston to send a confident message: “We will survive!” Industry leaders, despite spending cuts, reported huge losses in 2015: BP lost $5.2B while Hess purged over $3B.

Oil Execs: 'We’ll Make It Out Alive'

And the world’s largest oil exporter has no plans to help—on Tuesday Saudi oil minister Ali al-Naimi said his kingdom has no plans to cut output in order to boost plummeting oil prices, which have fallen below $30 a barrel. On the contrary, he said they're prepared to see prices drop to $20 a barrel before considering slowing output. He says he hopes market forces destroy companies with high production costs along the way, the Wall Street Journal reports.

Oil Execs: 'We’ll Make It Out Alive'

It looks like the Saudi plan is working—energy companies have cut more than 300,000 jobs worldwide since 2014, when oil prices started their long fall from $100 a barrel, according to Houston consulting firm Graves & Co. [WSJ]