As the first anniversary of the Saudi decision, to let the oil market determine oil prices approaches, it would be reasonable for OPEC outsiders to interpret Saudi policy shift as designed to serve its interests and those of its Gulf Arab allies rather than their interests and those of OPEC in general. The damage the Saudi decision has inflicted on itself provides reasons for the Saudis to change course.
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With spare capacity shot and major new sources of oil not coming online in a few years, the world may end up struggling to meet rising oil demand. That could cause oil prices to spike.
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The big five oil companies remained profitable despite steep dip in oil prices, making $16.4 billion in the last quarter of 2014 and $89.7 billion for the entire year.
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The 2013 profit totals are in for the big five oil companies — BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell. Their financial reports indicate that they earned a combined total of $93 billion last year, or $177,000 per minute. (see Table 1) After years of oil production declines, the big five oil companies actually increased their total production* in 2013, …
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