Despite steps, here and there, headwinds continue to impact the ‘crude’ outlook. The Chevron write-down comes amid its lowered long-term oil and gas prices forecast. BP wrote down $2.6bn in assets in October and Repsol, the Spanish oil major, took $5bn impairment more recently. “The royal palace panicked (too), thinking oil prices were about to crash,” a person involved with the IPO for nearly four years told Bloomberg. Blinded by the success of its massively oversubscribed international bond, Aramco walked into the IPO under-prepared, Bloomberg opined.

Source: Wall Street Journal December 15, 2019 01:52 UTC