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Economy: US Oil Giant Reports Loss in Q4 of 2015
(MENAFN- Qatar News Agency) - Chevron made a loss of 588 million dollars in the final quarter of 2015, due to the collapse of oil prices.
The price of oil fell to a more-than 12-year low last week and continued to fall after sanctions against Iran were lifted, which fueled concerns that global oversupply of the commodity will continue. Chevron had reacted to the fall by decreasing investments and cutting jobs.
Full-year profit fell to $4.6 billion from $19.2 billion in 2014.
The price of oil fell to a more-than 12-year low last week and continued to fall after sanctions against Iran were lifted, which fueled concerns that global oversupply of the commodity will continue. Chevron had reacted to the fall by decreasing investments and cutting jobs.
Full-year profit fell to $4.6 billion from $19.2 billion in 2014.
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