Major oil producers on Thursday refused to accelerate plans to gradually lift oil production each month, raising the potential for the U.S. to take advantage of prices for the commodity, which trade close to multiyear highs. Time will tell if oil prices continue to climb and “whether or not improved economics will induce companies to .
Apr 29, 2021
NEW YORK/HOUSTON – Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unraveled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with the matter have said.
The cuts left Exxon traders without the capital they needed to take full advantage of the volatile oil market, these people said. The coronavirus pandemic sent prices to historic lows with U.S. oil trading below zero at one point before a strong rebound. That created an immense profit opportunity for trading operations willing to take on the risk.
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