Oil has been pumped in the region since the 19th century. That attracted oil-related industries. Now these enterprises are feeling the pinch and canceling many investment projects. Companies in Celle have been hit, as well.
As a traditional oil production town, Germany's Celle has long attracted oil-related industries. Now these enterprises are feeling the pinch and canceling many investment projects.
The city of Aberdeen is synonymous with the oil industry. Over the years, major companies like BP and Shell have invested there. As a result, Aberdeen has more millionaires per capita than London.
Oil prices have rebounded as tensions between Riyadh and Tehran are mounting following a row over the Saudi execution of a Shiite cleric. But experts say prices will remain low in the face of a global supply glut.
The big players in Africa's oil industry are meeting in Cape Town to discuss the ongoing turmoil in the industry. Falling oil prices are not just causing doom but could be beneficial to the continent.
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