Spotlight on National Oil Comapnies: Managing through the cycle

The oil and gas sector is accustomed to commodity price fluctuations and the need to respond quickly to changing market conditions. However, the speed and severity of the current downturn, and the ensuing pricing volatility, took many by surprise. In the first half of 2008, oil prices were on a seemingly relentless rise to new highs of almost $150 per bbl.

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