Global stock markets are enjoying the continuing slide in oil prices.
The firm blamed the slide largely on lower oil prices - compared with a year before - a 70% slump in North American gas prices and the toughest refinery and product sales markets "since the mid-1980s".
And we'll just have to see in the coming days whether that does halt the slide of the price of oil.
Commodity companies were sharply lower as oil extended its slide on concern demand may ease as worries resurface about the European Union's ability to solve its sovereign-debt woes.
In the U.S., Chevron saw net oil equivalent production slide 11, 000 barrels per day to 663 million barrels as a consequence of increased maintenance activity in the Gulf of Mexico.
Crude oil's recent slide is a result of ample supplies and recent speculation that the Federal Reserve may soon allow interest rates to rise, which would reduce the supply of easy cash investors have been using to buy commodities like oil.
Both companies take the view that oil supply will plateau, not slide as the task force is warning.
The big question of course is, will that work and will it hold the slide in the cost of a barrel of oil?
That peak oil production is just around the corner, meaning global oil supply will begin an inexorable downward slide.
At the same time, Venezuela, which is the fourth largest exporter of oil to the U.S., has seen production slide.
Fortunately, oil prices began to slip a bit in May, and they continued to slide in June.
The grim toll of rising energy costs continues: Dow Chemical (44, DOW), dependent on hydrocarbons (oil, natural gas, coal) for feedstock, has endured a 23% stock slide from a year ago.
Japan would, indeed, become more exposed to foreign creditors if the current account were to slide into deficit, but that is unlikely unless the world economy takes a turn for the worse and oil prices soar two things which are unlikely to happen simultaneously.
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