Some of the world’s biggest oil companies pointed to declining earnings as a result of the falling oil prices.
France’s Total SA and the U.K.’s BP Plc and BG reported a decline in earnings this week.
On Wednesday, Norway’s Statoil ASA reported its first quarterly loss since listing in 2001 after writing down the Corner oilsands project in Alberta.
It reported losses of $790 million, writing down $1.3 billion after cancelling the Canadian oilsands project.
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