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The diabolical state of the oil industry means write-downs in Australia are inevitable – Sydney Morning Herald

It’s near-impossible to see how the corporate regulator can allow oil companies to retain the book values of their assets at current levels.

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Compare this with the current Brent oil price futures price of about $US41 a barrel and the US benchmark West Texas Intermediate futures contract price of around $US39.
It is becoming increasingly c…

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