Oil rallies as Canada fire and Libya violence threaten supply A huge wildfire near Canada’s oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday. Brent crude futures rose $1.19 on the day to $45.81 a barrel by 0845 GMT, while U.S. West Texas Intermediate (WTI) futures rose $1.45 to $45.23. “The difference today compared with a year ago is the market is starting to price in supply disruptions, whereas in a market that is totally oversupplied, you don’t care about losing half a million barrels a day (in production),” Petromatrix strategist Olivier Jakob said. “The market is becoming much more sensitive to supply disruptions.” The wildfire has forced the evacuation of all 88,000 people in the western Canadian oil city of Fort […]
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Oil Fluctuates As U.S. Crude Import Surge And Refining Margins Fall Here are five things to consider regarding crude today: 1) Jumping straight into the data (like Han and Chewie into an intergalactic dog-fight), we have had a deluge of global PMI services numbers. The Eurozone print on the aggregate came in just below expectations at 53.1 (>50 = expansion), boosted by Spain and Italy – but ultimately held back by France and Germany. Eurozone retail sales have also come in weak, down 0.5 percent on the prior month, and up a tepid 2.1 percent YoY. Brazil’s services data has been just as disappointing as its manufacturing number, coming in at the lowest since at least 2011. The U.S. […]
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Crude Prices Waver as U.S. Stocks Could Reach Weekly Record Oil prices fluctuated Wednesday ahead of key U.S. supply data as investors assessed the scale of the global supply glut. Oil prices have jumped by more than 60% since their lows earlier this year on hopes that global oversupply, which has battered prices for nearly two years, will start to abate soon. However, prices have shed some 5% of those gains in the past few sessions. “Prices will likely remain volatile, caught between a bearish narrative of prompt global oversupply and a bullish narrative of market balancing as soon as late 2016,” analysts at Barclays BCS -4.27 % said in a report Wednesday. Brent crude, the global oil benchmark, fell 0.1% to $44.93 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.2% at $43.72 […]
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Oil prices knocked by US inventory data Oil prices were volatile after two days of losses as investors weighed potential production outages in Canada against data showing another increase in US crude stocks. Brent crude traded as high as $46 a barrel on Wednesday after the entire population of Fort McMurray, the hub of Canada’s 2.5m barrel a day oil sands industry, was evacuated after a wildfire took hold. “Oil sands output is being reduced,” said Facts Global Energy, a consultancy. “The reduction in output is not due to direct effects from the fires at the moment, but largely due to operators making sure their employees and their respective families are able to get to safety.”
Royal Dutch Shell said it had closed one oil sands mine and was in the process of closing another, while Suncor Energy said it was reducing output as workers left the town. However, the gains proved fleeting with Brent and West Texas Intermediate, the US oil benchmark, falling back after the release of a weekly stock data from the US Energy Information Administration.
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Why Oil Prices Will Likely Drop Below $40 Soon The 70 percent rise in crude oil prices from the lows of $27.1 per barrel to a high of above $46/b in a matter of three months is being driven by speculative activity—make no mistake about it. The speculators have latched on to every bit of rumour and news to bid prices higher, and this has nothing to do with the real fundamentals. However, speculation can boost prices only to a certain extent in the short-term. After this, the fundamentals take over. The extent of speculation is enormous, though the daily production of oil in the U.S. is around 9 million b/d, the WTI crude oil contract trades more than 100 times the produced quantity, as highlighted in this The trading volume is generated by the algo traders, day traders, and scalpers who are in and out of their positions many times a day. Due to their enormous volume, […]
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Oil Majors Use Billions to Profit From Contango Before It Fades The largest energy companies in Europe bolstered first-quarter earnings by pumping several billion dollars’ worth of oil into storage tanks and holding it there, although the trading opportunity is starting to fade. Royal Dutch Shell Plc said on Wednesday it employed about $1 billion of capital between January and March buying oil for storage that would be sold later at a higher price. French oil major Total SA last week said it used $750 million on the strategy — a so-called contango trade. While BP Plc hasn’t disclosed how much it spent, the company said its working capital increased by $800 million during the quarter. The disclosures highlight how the European oil majors’ trading operations benefited as the oil surplus created a contango market structure — where prices for immediate delivery are lower than future months — even as their profits from exploration and production plunged. The trio’s sway […]
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Dire strait? Iran threatens to close Hormuz to US Iran sank a replica of a US aircraft carrier near the strait in February 2015 and has said it is testing ‘suicide drones’ that could attack ships. (File photo: Reuters) An Iranian general on Wednesday warned that Iran would close the Strait of Hormuz – a strategic passage between the Islamic republic and its Arab Gulf neighbors – if the United States and its allies threaten Tehran. But the comments, made by the deputy commander of Iran’s elite Revolutionary Guards and carried on state television, hold questionable weight, analysts say. “If the Americans and their regional allies want to pass through the Strait of Hormuz and threaten us, we will not allow any entry,” said deputy commander Hossein Salami. He did not go into detail on what he or other leaders would consider a threat. “Americans cannot make safe any part of the world.” Matteo Legrenzi, an international relations […]
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Saboteurs bomb Khabbaz oil field again The Khabbaz oil field in Kirkuk has shut down and at least two wellheads are burning, after saboteurs set off explosives late Tuesday night – the second attack in a month.”Technicians and firefighters are working to extinguish the fire at Wells 33 and 39, while a bomb squad is trying to defuse an IED planted near a third well – Well 18,” said one official from the state-run North Oil Company (NOC), which operates the field.Brig. Gen. Sarhad Qadir, the chief of police for Kirkuk’s distric… This content is for registered users. Please login to […]
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Pakistan Seals Major LPG Deal with Iran Pakistan and Iran have signed a deal under which the former will import 75,000 tons of liquefied petroleum gas within a year, months after a similar agreement was inked with Qatar. According to the deal, signed by the All Pakistan Liquefied Petroleum Gas Distributors Association and a national Iranian company, at least 6,000 tons of LPG will be imported from Iran every month over the course of a year. In February, Pakistan and Qatar signed a $16-billion liquefied natural gas (LNG) deal which provides imports for 16 years, throwing the authorities in energy-crisis ridden Pakistan a life-line for supplies. The deal signed in Doha by Pakistani Prime Minister Nawaz Sharif and Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa will see Qatar export 3.75 million tons of LNG to Pakistan. This is significant for Pakistan, which faces a 50% supply gap in relation to demand. As concerns the […]
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Saxo Bank: Upside For Crude Diminishes As Traders Shift Focus The dollar’s gyrations remain a key source of inspiration for traders with the fundamental focus continuing to switch between falling U.S. and rising OPEC production, according to Saxo Bank’s Ole Hansen . The nervousness and negative price action seen this week was triggered by a change in focus from falling U.S. production towards the rising supply from others, especially within OPEC. Having seen calendar 2017 almost hit $50 last week the realization that further upside may be hard to achieve may have helped trigger increased demand for protection. (Click to enlarge) The speculative net-long remains very elevated so just a small change in the fundamental or technical outlook can trigger increased demand for hedging. (Click to enlarge) This has been reflected in the options skew on WTI crude which during the past week has seen increased demand for put options. (Click to enlarge) The skew or “smile” shows that […]
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Libya’s Eastern Government Moves to Block Oil Exports The authorities that control the eastern half of Libya moved Tuesday to block oil exports from areas under their control, escalating a fight over petroleum revenue that threatens a fragile peace agreement. The eastern authorities said they would block vessels from loading oil at the Marsa El-Hariga terminal in Tobruk unless they conducted all exports via an oil company controlled by the country’s east. An official at Libya’s internationally recognized National Oil Co. in Tripoli confirmed that shipments were being blocked. The Marsa El-Hariga exports represent the bulk of Libya’s exports—more than 150,000 barrels a day. The move comes after the eastern faction’s attempts to export oil on its own were thwarted last week by the United Nations, which blacklisted a vessel that carried oil sold by the east. Libya has fractured along sectarian and geographic lines since the 2011 ouster and death of dictator Moammar Gadhafi, with the […]
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DNO gets boost from Kurdish oil exports Norwegian energy company DNO says its optimistic about its future following a steady string of payments for oil exported from the Kurdish north of Iraq. Photo courtesy of DNO International OSLO, Norway, May 4 (UPI) — A string of regular export payments from the Kurdish government in Iraq means the funds are there to start a drilling campaign, Norwegian company DNO said. DNO said it was able to boost investments following steady Kurdish export payments and was ready now to start an active drilling campaign at the Tawke oil field in northern Iraq. “We jump started investments at Tawke once Kurdistan provided regularity and predictability of payments,” DNO’s Executive Chairman Bijan Mossavar-Rahmani said in a statement. The semiautonomous Kurdistan Regional Government started independent oil sales in June. To date, DNO said it’s received about $128 million for deliveries from the Tawke field. DNO said it was able to reverse […]
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OMV signs agreement with Iranian counterpart Austrian energy company OMV said Wednesday it made the first steps toward resuming operations in Iran after signing an agreement with a national oil entity. OMV signed a memorandum of understanding in Tehran with the National Iranian Oil Co. to asses the field potential at several developments in western Iran. The arrangement also includes consideration for crude oil and petroleum product trades. “This memorandum of understanding is an important first step in resuming OMV’s activities in Iran and in the long-term cooperation with the National Iranian Oil Co.,” OMV CEO Rainer Seele said in a statement. The Austrian energy company emerged in Iran in 2001 as the operator of the Mehr exploration basin in the west […]
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Iran Opens Ratings Talks With Moody’s, Fitch Ahead of Debt Sales Iran is in talks with Moody’s Investors Service and Fitch Ratings about restarting sovereign credit ratings for the oil-rich state, Economic Affairs and Finance Minister Ali Tayyeb Nia said. The government is negotiating with both companies, Tayyeb Nia said in an interview at a conference on Islamic finance in Tehran, without giving a timeline for the talks or a prospective Iranian debt sale on overseas markets. International sanctions on Iran’s nuclear and missile programs excluded the country from foreign debt and financial markets for much of the past decade. After the bulk of restrictions were lifted following Iran’s nuclear deal with world powers, the government is making up for lost time, seeking to win back its oil market share and attract billions of dollars of overseas investment to fund infrastructure projects. Fitch withdrew its B+ sovereign rating, the fourth-highest junk grade, for Iran in 2008 following the maturity and […]
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Nigeria: Country’s Oil Exports Drop, 20 Cargoes Remain Unsold Indications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market. The preliminary loading schedule showed that the nation will be exporting about 1.57 million barrels per day (bpd) during the period as against 1.6 million bpd recorded in May. This is coming as about 20 May cargoes remained available, while some traders re-offered previously sold cargoes. Grades available included Escravos, Bonny Light and Qua Iboe. Analysts believed that this might be the lowest export level this year, just as the Shell’s operated Forcados grade remained under force majeure due to damages to the Trans Forcados pipeline early February.Reports predicted that repair works on the pipeline that feeds Forcados terminal will take until June. The exports plan did not include Erha, which is the subject of a disagreement between ExxonMobil and the […]
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Venezuela 2016 Oil Production Expected to Fall Further Venezuela’s oil output in the first quarter of the year has fallen more than investors had expected, with a production level expected to remain at a lower level for the rest of the year, a report by an energy consultancy company has revealed. According to Miami-based IPD, output fell 188,000 barrels a day in the first quarter, down to 2.59 million barrels a day, making this the first time since 2008 that oil output has fallen across every region in the country. The falling output is due to drilling delays, insufficient maintenance, theft and diluent shortfalls. “They have not kept up on maintenance and it is showing everywhere: oil production, electricity problems. The place is falling apart,” Ray Zucaro , RVX Asset Management’s chief investment officer said. The Guri dam, which produces about three-quarters of the country’s electricity, is dangerously close to shut-down status , which would exacerbate Venezuela’s […]
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Oil Price Drop Vanquishes Cutting-Edge Projects The Prelude, a floating LNG tanker, is one of the first to test a new… The world’s largest energy companies are sidelining big ideas that they touted just a couple of years ago as the future of the industry. Shell hammered home the message on Wednesday after reporting first-quarter profits that were down 83% from the same period a year before. The Anglo-Dutch oil giant said it would cut its capital spending budget another 10%, to $30 billion this year. “To be brutally honest, any large new greenfield investment whether floating LNG, deepwater or elsewhere is under very strict critical review for cost levels and return simply because of where the industry is,” Shell Chief Financial Officer Simon Henry said in a conference call. As of March, the oil industry has deferred or canceled $270 billion in projects since crude prices began crashing nearly two years ago, according to […]
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Deepwater Projects Delayed as Low Oil Prices Linger Deepwater exploration and production (E&P) activity continues to suffer as operators defer deepwater investment to lower cost, more flexible options such as onshore shale. Struggling to maintain cash flow and balance sheets and facing pressure from investors for lower spending and capital discipline, operators are delaying final investment decisions, especially for costly, long-cycle greenfield projects. So far, 29 of these projects have been delayed. As a result, Wood Mackenzie estimates total reserves of 16 billion barrels of oil equivalent (boe), including 16 billion boe of deepwater reserves and 6 billion boe of shallow water reserves, will be left undeveloped by 2025. The impact on near-term capital expenditure is enormous, with $150 billion in spending affected. Julie Wilson, research director for global exploration at Wood Mackenzie, told attendees at the Offshore Technology Conference (OTC) that countries in the oil prone Golden Triangle and major suppliers of liquefied natural gas, are […]
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Declining Energy Prices Lower the Cost of Living Since June 2014, decreases in crude oil and natural gas prices have reduced household energy costs. According to initial figures from the U.S. Bureau of Labor Statistics (BLS), the chained consumer price index for urban consumers (C-CPI-U) decreased by 1.2% from June 2014 to February 2016. Lower energy prices had a significant impact on this decrease in spite of increases in the food and shelter components of the overall index, which represent larger shares of household expenses. The overall index edged up 0.6% in March as real crude oil prices rose 18.1%, while natural gas prices continued to decline. Between June 2014 and February 2016, the inflation-adjusted Brent crude oil and Henry Hub natural gas prices declined 71% and 56%, respectively. Prices for these two benchmarks are significant, as changes in the Brent crude oil price often lead […]
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Colder winter could save distillate market A heating oil delivery truck is used to fill a residential oil tank in Alexandria, Virginia January 6, 2010. The warmest winter for more than 30 years reduced fuel oil demand drastically in the United States in 2015/16 and left the country heavily oversupplied with heating oil. The good news for refiners and heating oil suppliers, however, is that winter 2016/17 will almost certainly be colder, boosting demand in the months ahead. Heating demand across the continental United States was 16 percent below average between December and February, according to the National Oceanic and Atmospheric Administration ( tmsnrt.rs/26T3AhP ). Demand for heating fell more than 21 percent year on year compared with the winter of 2014/15, which was significantly colder than normal ( tmsnrt.rs/26T4N8P ). Heating accounts for only a small proportion of distillate fuel oil consumption in the United States. But the mild winter, coupled with sluggish freight […]
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DUCs in a row: Oilfield servicers to gain as more wells completed U.S. shale producers are returning to unfinished business – completing previously drilled wells – offering a ray of hope for oilfield service providers battered by the oil slump. Halliburton Co and Baker Hughes Inc, the world’s second and third-largest oilfield services companies, indicated on Tuesday that they expected a drop in the large number of drilled-but-uncompleted wells (DUCs) as crude oil prices steady. Oil is hovering above the $40/barrel mark after having rallied 20 percent in the past month. This has been enough for several producers to return to the thousands of unfinished wells that dot shale fields across the United States – essentially to ready them for production. Devon Energy Corp, Diamondback Energy Inc and SM Energy Co all said on post-earnings calls on Wednesday that they were completing more wells. […]
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Encana cutting costs with little impact on output After declaring a loss for the first quarter, Canadian energy company Encana said it is working to cut overall costs by more than $400 million. Encana reported its revenue for the first quarter was down 40 percent year-on-year to $753 million, while cash flow fell nearly 80 percent to $102 million. Doug Suttles , the company’s president and CEO, said his company was focusing on efficiency and lower well costs at its four key shale assets in North America. Drilling and completion costs at its North American sites were down by up to 44 percent against last year. “We are on track to deliver $437 million of year-over-year cost savings,” he said in a statement. The […]
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Alberta Forest Fire Halts Shell Oil-Sands Operation Raging forest fires in Canada’s oil-rich province of Alberta forced the closure of one major oil-sands mining operation on Wednesday and reduced output at another, a day after tens of thousands of people evacuated a remote community that serves as a hub for the oil-sands industry. The rapid spread of the blaze emptied the town of Fort McMurray of some 80,000 residents and has started to affect operations at major oil-sands productions sites. The oil-sands facilities aren’t directly threatened by the uncontrolled forest fires, but have been affected by the mandatory evacuations of workers and their families. Many of the oil-sands sites opened their worker camps to evacuees and operators have sent nonessential staff out of the area. No injuries or casualties have been reported, but the fires swept through areas in and around Fort McMurray. Local authorities didn’t have an estimate for the number of homes or […]
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Almost all U.S. gasoline is blended with 10% ethanol Blends of petroleum-based gasoline with 10% ethanol, commonly referred to as E10, account for more than 95% of the fuel consumed in motor vehicles with gasoline engines. Ethanol-blended fuels are one pathway to compliance with elements of the federal renewable fuel standard (RFS). The total volume of ethanol blended into motor fuels used in the United States has continued to increase since 2010, albeit at a declining rate of growth. Meanwhile, the use of ethanol-free gasoline (E0) by fuel consumers has declined. EIA tracks fuel components through data it collects from refiners, importers, large blending terminals, and ethanol producers. U.S. refiners produce large volumes of blendstocks for oxygenate blending (BOB) that are referred to as RBOB or CBOB depending on whether they are formulated to be blended with ethanol to make reformulated or conventional gasoline, respectively. Another distinct gasoline blendstock known […]
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Biofuel Breakthrough: Production Jumps 64% This week I wrote an update on the progress toward cellulosic ethanol commercialization, and given my previous coverage on the topic (especially Why I Don’t Ride a Unicorn to Work ) this seems like an appropriate subject to discuss here. Last week the U.S. Environmental Protection Agency (EPA) announced that during the first quarter of 2016, just over 1 million gallons of cellulosic ethanol were produced. In fact, production for the month of March jumped 64 percent from the previous month to 446,000 gallons produced, the highest levels of the modern era. Production this year is well ahead of the pace in 2015, when 2.2 million gallons of cellulosic ethanol were produced for the entire year. So, have we finally […]
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US oil output could recover in 6-12 months at $60-$65/b, says Birol – Oil | Platts News Article & Story * Fall in upstream oil investment could lead to future price spikes * Recent rally in oil prices supported by fall in non-OPEC production * Urges G7 countries to find ways to encourage oil investment US oil production could recover if prices rose to $60-$65/b but the impact would not be immediate, International Energy Agency Executive Director Fatih Birol said May 1. In an interview with S&P Global Platts on the sidelines of the G7 Energy Ministerial meeting in Kitakyushu in southwest Japan, Birol said that even if oil prices climbed over $60/b, US crude production would take six to 12 months to rescind the current trend of falling output. “It will take a lot of time to bring the logistics, the rigs, the workers together so we think we may need six months to one year [for] US oil production to come back and see a reverse in […]
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Wildfire Cuts Canadian Oil Output as 80,000 Flee Expanding Blaze A fire fueled by shifting winds that forced more than 80,000 people to flee their homes and disrupted oil-sands operations in Western Canada is poised to expand. The fire will probably grow to about 100 square kilometers (40 square miles), from around 80 now, Chad Morrison, a wildfire official, said Wednesday. Suncor Energy Inc., Cnooc Ltd.’s Nexen, Royal Dutch Shell Plc and Husky Energy Inc. are among companies reducing production and opening work camps to residents fleeing blazes in Alberta’s biggest-ever evacuation caused by a fire. Inter Pipeline Ltd. shut part of its system in the province. No deaths or injuries have been reported although 1,600 buildings have been damaged. Reduced output from the world’s fourth-biggest crude producer helped lift benchmark oil prices , with West Texas Intermediate gaining as much as 2.3 percent in New York and Brent advancing 1.9 percent in London on Thursday. Many residents of […]
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Canadian wildfire forces evacuation order for entire city The Canadian province of Alberta raced to evacuate the entire population of Fort McMurray where an uncontrolled wildfire was taking hold in the heart of the country’s oil sands region, with dry winds forecast for Wednesday that could fuel the blaze. Alberta appealed for military help to battle the fire and airlift people from the smoke-filled city after authorities issued a mandatory evacuation order for 80,000, but officials said army and air force assistance would take two days to arrive. About 44,000 people were estimated to be on the roads, fleeing the city, while approximately 8,000 had reached an evacuation center outside Fort McMurray, officials said. “Right now, we have fire burning within the city,” Chief Darby Allen of Fort McMurray’s fire department told reporters. “It is impacting communities as we speak. […]
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Russian Ruble Falls Most in World on Oil After Two-Day Holiday The ruble weakened the most among currencies worldwide, catching up with the biggest decline in oil in more than a month, as Russian markets reopened following a two-day holiday. The currency slid 2.6 percent to 66.28 per dollar by 11:40 a.m. in Moscow, the biggest fall in almost two weeks. That pared its gains in 2016 to 11 percent, the most in emerging markets after Brazil’s real. Brent crude tumbled as much as 6.6 percent on Monday and Tuesday when Russian markets were shut for May holidays. The price of Russia’s main export earner has slowed its rebound from a 13-year low in January as data fueled bets that a worldwide supply glut is entrenched. Hedge funds and other large speculators have trimmed net wagers on a stronger ruble by 47 percent since they reached a one-year high of 5,142 in March, according to the Commodity Futures Trading Commission […]
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Shell Targets Spending as Profit Plunges 83% Royal Dutch Shell PLC said Wednesday that it would bring the hammer down harder on spending as it contends with a nearly two-year slump in oil prices that dragged the company’s first-quarter earnings down 83% compared with a year earlier. In its first results since completing a landmark acquisition of BG Group PLC earlier this year, the Anglo-Dutch oil giant said Wednesday that it plans to slash its capital spending by nearly 10% in 2016 and expects its operating costs to fall to $40 billion, down $13 billion compared with 2014 levels. “In very simple terms, we’re taking costs out of projects, and projects out of the funnel,” Shell’s chief financial officer Simon Henry told journalists Wednesday. The spending cuts come as Shell reported a sharp drop in quarterly profit on a current cost-of-supplies basis—a number similar to the net income that U.S. oil companies report—to $800 million, down […]
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Energy and Climate Change Committee backs UK’s draft legislation on energy – Electric Power The Energy and Climate Change Committee backed the UK government’s draft legislation on energy but urged the government and Ofgem to keep decision-making processes transparent. In a report published on Wednesday, the House of Commons select committee, ECCC, said the draft energy legislation has the potential to support the government in its goal of increasing market competition and cutting consumer costs. However, the ECCC said it “should be amended to ensure that Ofgem and government are transparent about the costs and benefits of the decisions that they make using their powers under the legislation, and that industry is able, where appropriate, to challenge them.” In January, the government said it plans to provide Ofgem with powers to support consumers in undertaking next-day switching between energy suppliers and to enable suppliers to use customers’ half-hourly consumption data in the electricity settlement process. “We agree with the proposals to give Ofgem […]
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Repsol Net Profit Plunges More Than 40% Repsol SA said Thursday its first-quarter net profit fell by almost half as falling energy prices hit Spain’s largest oil company. Repsol said net profit in the first quarter was €434 million ($498.7 million), down 43% from a year earlier. The oil producer said net adjusted profit, which excludes gains or losses in the value of inventories and one-off items, fell 38% to €572 million in the three months to March from €928 million a year earlier. Net profit in the first quarter of 2015, Repsol said, had been boosted when the company received compensation from Argentina’s government for its nationalization of Repsol unit YPF SA. Despite the drop, the company’s net adjusted profit was higher than analysts had been anticipating, helping to push Repsol’s shares up around 5% in morning trading in Madrid. […]
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What It Takes for Royal Dutch Shell to Break Even Oil giant Royal Dutch Shell’s chief financial officer Simon Henry said Wednesday the company would… Royal Dutch Shell sees itself as the Mario Draghi of oil companies. While rivals set themselves specific goals for navigating around low oil prices, Shell will simply do “whatever it takes,” as finance boss Simon Henry said Wednesday, to balance the books. Rather like Mr. Draghi , Shell may find it needs to do more, for longer than expected. With oil averaging $34 a barrel in the first quarter, Shell’s earnings were unsurprisingly ugly. But there were nuggets of good news: the company is managing to integrate BG quickly , without a meaningful increase in its cost base. It should see cost savings more quickly, keep operating expenses “lower forever” at $40 billion this year, and expects reduced investment of $30 billion this year. But there is a long way to go from this […]
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