The defeat of Tap Oil?

With revenues hammered and debt to repay, Tap is raising cash.

The battered oil price continues its relentless downward spiral, this week falling to just over US$30 a barrel, the lowest close in 12 years. In the US, the cause of the supply glut, inventories are at 80 year highs. Before prices recover, oil production needs to fall substantially and oil inventories must be drawn down. Lower prices have sparked higher consumption but there is still an awful lot of oil about.

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