(MENAFN) Top oil Supermajors are aching more than ever as cheaper oil is leading to the lowest summer gasoline prices in years, and US oil giants are no exception.
Chevron Corp. has posted its biggest loss in nearly 15 years, and Exxon Mobil Corp logged its lowest quarterly profit in 17 years, although it still generated USD1.7bn.
Consequently, the firms have cut spending on exploration and slashed budgets to offset lower prices, but that has yet to create a continued recover in oil prices.
US crude rallied from below USD30 a barrel in Feb to above USD50 in early June, but oil prices have faded again, with crude inventories staying stubbornly high.
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