Statoil CEO Sees Indications Oil Might Be Rebalancing
Statoil ASA, Norway’s biggest oil company, said profits slumped by 86 percent as crude prices fell to their lowest level in almost 12 years in the first quarter. “There’s still a downward pressure on the oil price, but there’s more support seemingly than we’ve seen before. That’s an indication that we gradually might be heading toward a rebalancing. But I think we should expect volatility during that period,” CEO Eldar Saetre tells Bloomberg's Ryan Chilcote and Anna Edwards on "Countdown."
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