When oil production is closely being watched all over the world and players are wondering whether crude will hold above $30/bbl or break below this threshold again, many major petrochemical producers revealed their financial results on a disappointing note.
The most striking news came from Chevron who posted a loss for the first time in 13 years. A glut of crude from the Persian Gulf and North American shale fields has collapsed prices, forcing the company to write down the value of its fields, according to media reports. Chevron’s fourth-quarter net loss was $588 million compared with profit of $3.5 billion a year earlier.