The oil price plunge of the past weeks has had OPEC considering a fresh production cut to prevent the next oil glut and steer Brent Crude prices back up closer to $70 per barrel. WTI Crude at $50, on the other hand, may soon start testing the U.S. shale patch if the U.S. benchmark oil price stays at that level. But oil majors are not worried about the recent slide in oil prices. Bruised by the 2014-2015 price crash, Big Oil has been planning projects, production, and profit margins at an oil price range assuming a conservative floor at $50 Brent Crude. BP, for example, sees a range of between $50 and $70 as “sensible” and plans on that range, the UK supermajor’s Regional President of BP Middle East, Michael Townshend, told CNBC on sidelines of a conference on Iraq’s reconstruction in Dubai. “Our investment decisions are all based […]