Oil has been pumped in the region since the 19th century. That attracted oil-related industries. Now these enterprises are feeling the pinch and canceling many investment projects. Companies in Celle have been hit, as well.
Rising oil prices had whetted the appetites of Wall Street, yet the massive fourth-quarter profits of America's two biggest oil companies were weaker than expected and pushed stocks down.
As a traditional oil production town, Germany's Celle has long attracted oil-related industries. Now these enterprises are feeling the pinch and canceling many investment projects.
Brazil's state-run oil giant, Petrobras, has posted its biggest ever quarterly loss. The steep fall in oil prices hurt results, although earnings continue to be impacted by a massive corruption case.
The cartel pumped more oil in July, boosting global supplies for the third month and casting doubt on OPEC's pledge to reduce production. But the IEA industry group hopes growing demand will take up the slack.
© 2018 Deutsche Welle |
Legal notice |
| Mobile version