Investors had already opted out after crude oil dips off.
Schlumberger Ltd, on Thursday, reported a net loss of $1 billion for the fourth quarter and also said that it has axed 10,000 additional employees, as an effort to adjust its resource and cost base.
Capital outflows from developing markets were higher than it was anticipated last year, according to a report by Institute of International Finance. The reason behind this oceanic change in emerging markets cash flow is China, which dragged out 676 billion US dollar.
Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.
With the lifting of international sanctions from Tehran, India would be able to recommence its unobstructed oil import from the Persian Gulf country. Iran is anticipated to boost its oil export of 1.1 million barrels per day by 500,000, according to the Indian Oil Cooperation.
UK-based Oil giant BP Plc plans to trim 4,000 jobs in its crude-oil production unit as crude oil price slump.
Brent oil prices fell on Wednesday, dropping below $30 a barrel to touch $29.96 for the first time since April 2, 2004.
State-owned Saudi Arabian Oil Co. (ARAMCO) is possibly going for an IPO aiming to raise funds for $1 trillion to $10 trillion. Some shares of the IPO may be awarded among the local banks and investors following ARAMCO’s action plan. However, experience in banking operations in the kingdom is believed to play the key role for selection which put HSBC and JPMorgan well ahead in the IPO grabbing race.
The overnight gains on the Wall Street have boosted the market sentiment on Asian bourses ahead of the US Federal Reserve's meeting. The trading on Wednesday registered positive momentum in equities across the Asian markets.
The US Congress is pushing a tax break for oil refiners as a compromise to finally allow unrestricted crude-oil exports. According to The Wall Street Journal, the bill could potentially end the long-time ban on U.S. oil exports, which has been around for forty years.
Asian stocks dropped on low trading volume as commodity producers followed fall in industrial metals and crude oil. Investors and institutions are in the wait and watch mode ahead of US Fed's meeting in December.
Crude oil prices continued to trade in low range amid sagging demand and its bleak outlook for remaining part of 2015. Speculators are withdrawing from their previous bets on rising prices. The front-month US crude futures were trading at $44.65 per barrel 12 percent lower than the peak level in October. ANZ Bank forecasts that oil price to remain under pressure for the rest of the year.
By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.
Warren Buffett lets go of Exxon shares, and buys refiner Phillips stake because of the fluctuating oil prices. Bloomberg reports that the billionaire investor announced Wednesday that his Berkshire Hathaway Inc. sold some $4 billion Exxon Mobil Corp. shares due to the dreary outlook of crude oil prices, buying instead a $4.48 billion stake from refiner Phillips 66.
As the price of crude oil continues to slip down, the oil companies are cutting jobs to survive the business. In the first quarter of this year, blue collar jobs were deterred, this point, engineers and scientists will be affected.