Oil giants record loses in fourth quarter results
West Texas Intermediated (WTI) crude oil declined by 6.33 per cent at $31.62 a barrel and Brent fell by 0.14 per cent to $34.69 a barrel as hopes for a deal on production did not scale through.

Russia had last week sent mixed signals about possible cooperation with Organisation of Petroleum Corporation (OPEC) to support prices. It first suggested it should start talking to the cartel before saying there was no decision to do so.

As crude oil prices continued to fluctuate, oil giants are counting losses in their respective financial results.

Specifically, British Petroleum (BP), yesterday reported yearly loss of $6.5 billion for 2015.
It noted that despite strong operational performance and growing cost reductions, the lower underlying result was predominantly driven by the impact of steeply lower oil and gas prices on BP’s upstream segment, which reported a pre-tax loss for the quarter.

BP said it would cut 3,000 jobs in its downstream unit by the end of 2017 on top of 4,000 cuts already announced in oil and gas production as part of a $2.5 billion restructuring programme announced last year. ...

Culled from Guardian

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