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US Congress Overturns Biden’s Methane Fee on Oil and Gas Producers
The U.S. Senate on Thursday voted on a resolution that would overturn the Biden administration's proposed fee on methane emissions, one of the previous Environmental Protection Agency's final measures to force big oil and gas producers to slash emissions of the powerful greenhouse gas.The Senate passed the resolution under Congressional Review Act process, which allows Congress to reverse new federal rules with a simple majority, effectively overturning the escalating charge on oil and gas producers set by the agency they have called a tax.It follows passage of a similar resolution by the House on Wednesday.The methane fee was mandated by the 2022 Inflation Reduction Act, which directed the EPA to set a charge on methane emissions for facilities that emit more than 25,000 tons per year of carbon dioxide equivalent.Methane is the most prevalent greenhouse gas after carbon dioxide that tends to leak into the atmosphere undetected from drill sites, gas pipelines and other oil and gas infrastructure.The fee started at $900 per metric ton of methane emitted in 2024, and increased to $1,200 in 2025, and $1,500 for 2026 and beyond.The EPA last year finalized methane emission and reporting standards for the oil and gas sector, which faced less opposition from oil and gas companies.Industry groups applauded the passage of the resolutions in the House and Senate and urged President Donald Trump to quickly sign the legislation."The Biden administration and Democrats in Congress passed the methane tax to single out and punish the oil and natural gas industry despite its already burdensome EPA regulatory framework," said Independent Petroleum Association of America President Jeff Eshelman.Democratic Senator Sheldon Whitehouse, top Democrat on the Senate environment committee, said the resolution would raise energy prices and weaken environmental quality for consumers.(Reuters - Reporting by Valerie Volcovici)
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Correll Group Rebrands to SPIE Wind Connect
SPIE Global Services Energy, a subsidiary of SPIE, has announced that its wind power high voltage specialized entity Correll Group has changed its name to SPIE Wind Connect.The name change follows the acquisition of Correll Group by SPIE in 2024.SPIE Wind Connect will be focused on supporting the offshore and onshore wind industry, providing range of high voltage electrical engineering services across the full installation, operational and maintenance phases of wind farms.A key part of its services is connecting the inter-array and export cables to facilitate the energization of the wind turbines.“Looking ahead, SPIE Wind Connect’s vision expands beyond just cables and turbines. The specialized entity is committed to connecting renewable energy sources to the grid, playing a crucial role in integrating sustainable power into the global energy mix,” said Christophe Bernhart, Managing Director of SPIE Global Services Energy.
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US stocks rise in choppy trading as oil prices fall
Wall Street indexes rose in choppy trade on Friday after briefly falling following a tense White House meeting between Ukrainian President Volodymyr Zelenskiy. The White House meeting, the tariffs and Iraq’s decision to resume Kurdistan exports fueled fears that led to a drop in oil prices. The European stock market ended the week flat, but it still managed to post a weekly gain. A heated argument broke out in front of the camera between U.S. president Donald Trump and Ukrainian President Viktor Yanukovych over a potential cease-fire in the Russia-Ukraine conflict. Adam Sarhan is the chief executive officer of 50 Park Investments, based in New York. He said that initially, the market fell because of a heated, contentious discussion, which was not a good thing for two world leaders. The market fell because of this, but cooler heads then prevailed. The S&P 500 rose 1.59% and ended the session at 5,954.50. The Nasdaq rose by 1.63%, to 18,847.28. Meanwhile, the Dow Jones Industrial Average climbed 1.39%, to 43,840.91. The volume on the U.S. exchanges remained high, with 17.5 Billion shares traded, as compared to an average of 15,4 Billion shares during the 20 previous sessions. The Eurostoxx50 futures and Dax futures both fell by up to 1.4%. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and that consumer spending slowed down last month. The MSCI index of global stocks rose by 5.69 points or 0.66%. The crypto prices fell as the Trump-fueled boom fizzled. Ukraine's dollar bond prices fell on Friday, but the market reacted tamely to chaos at the meeting by holding onto their previous levels. The 2034 maturity dropped just one cent, with the last bid being 59.04 cents per dollar. This is set to be a monthly gain. Investors have changed their minds about the Trump administration's policy towards Russia and the impact it will have on Ukraine's economy. The STOXX 600 pan-European index had ended the previous day flat. The dollar index (which measures the greenback versus six major counterparts) rose by 0.21% to reach 107.59. The euro dropped by up to 0.37%, reaching a low of $1.036 in two weeks. It then recovered some of this decline and traded at $1.0366. Emerging Market Stocks fell by 28.01 points or 2.49%. US DATA, TARIFF RISKS U.S. data show that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index fell to 2.5% from 2.6% last month. The Fed's preferred inflation measure, core PCE, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Peter Cardillo is the chief market economist of Spartan Capital Securities. He said that "the report indicates that inflation stays sticky." The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. The prospect of increased U.S. Tariffs sent markets into a frenzy and revived fears about an escalating trade war. Trump announced on Thursday that 25% of the duties on imports coming from Canada and Mexico would be in effect from March 4, not April 2, as he suggested earlier. He also said that goods imported from China will face an additional 10% duty. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin dropped 0.18% to $84,138.56 The yield on the benchmark U.S. 10 year notes dropped 6 basis points from 4,287% to 4.227% on Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), fell by 8.9 basis points, to 3.991% from 4.08% at Thursday's end. Spot gold dropped 0.68%, to $2.856.49 per ounce. U.S. Gold Futures closed 1.6% lower, at $2.848.50. Brent crude futures settled at $73.18 per barrel on Friday. This is a decline of 1.16%. U.S. West Texas Intermediate Crude Futures ended at $69.76 per barrel, down 0.84%. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
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Wells Fargo changes its ESG target and drops the financed emission target
Wells Fargo has scrapped its goal to achieve net-zero emission across its portfolio of financed assets by 2050, as banks rethink sustainable lending practices. The bank stated that the goals were dependent on factors "outside of our control", such as consumer behavior, public policy and technological advances, which would assist clients in transitioning to greener business practice. It added that "many of the necessary conditions to facilitate our client's transitions haven't occurred." This move shows how the financial sector is reevaluating its commitments to environmental, social, and governance (ESG), as Washington's political climate shifts. Since taking office, Donald Trump has pulled out of the Paris Agreement, severed international climate partnerships, and stopped the participation by U.S. Scientists in the Intergovernmental Panel on Climate Change which meets in China this week. In the raging debate about sustainability, financial giants have been caught in its crosshairs. Larry Fink, BlackRock's CEO and a long-time proponent of ESG principles said that he would stop using the term in 2023 because it was "weaponised". Wells Fargo also abandons its sector-specific interim-financed emission targets for 2030. Wells Fargo will continue to pursue the 2030 operational sustainability targets and 2050 emission target for its operations. Ben Cushing is the director of Sierra Club's Sustainable Finance Campaign. He said that Wells Fargo's decision abandoning its net-zero target was an abdication of their responsibility. In December, the lender also left the Net-Zero Banking Alliance – a global group of banks committed to reducing greenhouse gas emissions. Paddy McCully is a senior analyst with Reclaim Finance. He said: "At a moment when financial institutions are supposed to be leaders on climate change, Wells Fargo instead puts the economy, shareholders and the planet in greater danger." (Reporting from Niket Nishant, Bengaluru; and Saeed Azhar, New York).
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US stocks rise as oil prices decline monthly
Wall Street indexes rose on Friday after briefly being pushed down by a contentious White House meet-up with Ukrainian President Volodymyr Zelenskiy. The European stock market ended the week flat, but it still managed to post a weekly gain. The oil price is on course for its first monthly drop since November, as the markets prepare for Washington's new duties and Iraq's decision resuming oil exports to Kurdistan. A White House official confirmed that Ukrainian President Volodymyr Zelenskiy had left the White House on Friday morning after a heated Oval Office discussion with President Donald Trump. Adam Sarhan is the chief executive officer of 50 Park Investments, a New York-based investment firm. He said that initially, the market fell because of a heated, contentious discussion, which was not a good thing for two world leaders. "That was the reason why the stock market fell, but cooler heads then prevailed." The Dow Jones Industrial Average rose 136.83, or 0.32 percent, to 43.376.33. The S&P 500 gained 16.49, or 0.28 percent, to 5.878.06. And the Nasdaq Composite was up 29.24, or 0.16% to 18,573.63. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and consumer expenditures slowed in December. The MSCI index of world stocks dropped by 2.43 points or 0.28%. The crypto prices fell as the Trump-fueled boom fizzled. Bureau of Economic Analysis of the Commerce Department reported that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index ticked down from 2.6% to 2.5% in December. The Fed's preferred inflation measure, the core PCE, which excludes volatile goods such as food and fuel, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Recent U.S. economic data have been weak, and traders have responded by pricing in further policy easing. According to LSEG, the markets priced in 61 basis point of additional rate cuts for this year on Friday. However, the first rate reduction is not fully price in until July. The inflation figures are still high, even though they were within expectations. However, on a year to year basis, there was a slight improvement from the previous reading. But the report shows that inflation is still sticky, said Peter Cardillo. The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. Wall Street saw the Dow Jones Industrial Average rise 64.20 points or 0.15% to 43,304.35. The S&P 500 also rose 8.12 points or 0.14% to 5,869.69, and the Nasdaq Composite gained 18.12 points or 0.11% to 18,564.87. The STOXX 600 pan-European index closed flat. The dollar index (which measures the greenback against its six major counterparts) rose by 0.21% to reach 107.59. The euro dropped by up to 0.37%, reaching a low of $1.036 in two weeks before reversing some of this decline and trading at $1.0366 Emerging Market Stocks fell by 28.01 points or 2.49%. The prospect of increased U.S. Tariffs sent markets into a frenzy and renewed concerns about escalating trade wars. Trump announced on Thursday that 25% of the duties imposed on imports coming from Canada and Mexico would be implemented on March 4, not April 2, as he suggested earlier. He also said that goods imported from China will face an additional 10% tax. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin gained 0.49%, reaching $84,706.59. It had previously fallen below $80,000. The yield on the benchmark U.S. 10 year notes dropped 6 basis points from 4,287% to 4,227% on Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Federal Reserve), fell by 8.9 basis points, to 3.991% from 4.08% at Thursday's end. Spot gold dropped 1.06% to 2,845.62 dollars an ounce. It is heading for its steepest weekly decline since November. U.S. Gold Futures closed 1.6% lower, at $2.848.50. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
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Sheriff: Hackman and his wife were dead for several days, if not weeks.
The county sheriff stated on Friday that Betsy Arakawa and Gene Hackman had both died at least two weeks and possibly several days before their bodies were found on Wednesday in their Santa Fe, New Mexico home. Arakawa (64 years old) and 95-year-old Oscar winning actor were found dead in separate bedrooms of their home in the hills north of Santa Fe. Adan Mendoza told NBC News that "based on the body and the other evidence found on the corpse, it appears Hackman and Arakawa were dead for several days or even a few weeks", according to the Santa Fe County Sheriff. The autopsy report will be crucial to this investigation. Mendoza, when asked about the open pill bottle with scattered pills that was found next to Arakawa on a bathroom countertop, said he'd requested a toxicology test on this medication and other medications in the home, calling it "something concerning." Adan said that toxicology reports could take up to three months. According to a police list, deputies removed thyroid and heart medication, a calendar for 2025, two green mobile devices, and MyQuest records. Lack of evidence led the sheriff to rule out any foul play. He was planning to hold a press conference on Friday afternoon. Santa Fe Fire Chief Brian Moya said that the home was equipped with natural gas. However, there are still "a lot of questions" about whether a leakage played a role in the deaths. A door was discovered ajar in the rear of the home. Two of the couple’s remaining dogs had entered and left the house. A third dog, found in a crate inside the bathroom in which Arakawa was lying, had died. A police affidavit stated that both Hackman and Arakawa seemed to have fallen suddenly to the ground and neither showed any signs of blunt-force trauma. Hackman was a Marine who became famous for his raspy vocals. He appeared in over 80 films and on TV, stage, and television during a long career that began in the early 1960s. In 1967, he was nominated for an Oscar for his role as Clyde Barrow's brother in "Bonnie and Clyde". In 1972, he won the Oscar for Best Actor for his portrayal as detective Popeye Doyle in 'The French Connection.' He also won in 1993 an Oscar for Best Supporting Actor for Unforgiven. (Reporting and editing by Donna Bryson, Les Adler and Les Hay)
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US stocks rise as oil prices decline monthly
The European share market ended Friday flat, but it still recorded a 10th consecutive weekly gain. Wall Street indexes rose in choppy gains after U.S. data on inflation that were in line with expectations. This reinforced the bets that the Federal Reserve would cut interest rates two times this year. Oil prices dropped 1% and are on course for their first monthly drop since November, as markets prepare for Washington's new duties and Iraq's decision resuming oil exports to the Kurdistan Region. A White House official confirmed that Ukrainian President Volodymyr Zelenskiy will leave the White House on Friday morning after a heated Oval Office discussion with President Donald Trump. U.S. Treasury Yields dropped to new multi-month highs after a closely monitored report by the Federal Reserve revealed that annual inflation had subsided and consumer expenditures slowed in December. The MSCI index of world stocks dropped by 2.93 points or 0.34%. The crypto prices fell as the Trump-fueled boom fizzled. Bureau of Economic Analysis of the Commerce Department reported that the 12-month change of the U.S. Personal Consumption Expenditures (PCE) Price Index ticked down from 2.6% to 2.5% in December. The Fed's preferred inflation measure, the core PCE, which excludes volatile goods such as food and fuel, dropped to 2.6%, from a revised upwards 2.9%. The central bank targets a 2% inflation rate. Both measures were in line with expectations of economists. The threat of rising tariffs has helped boost the dollar but also raised concerns about the economic impact of widespread duties in the U.S. Recent U.S. economic data have been weak, and traders have responded by pricing in further policy easing. According to LSEG, the markets priced in 61 basis point of additional rate cuts for this year on Friday. However, the first rate reduction is not fully price in until July. The inflation figures are still high, even though they were within expectations. However, on a year to year basis, there was a slight improvement from the previous reading. But the report shows that inflation is still sticky, said Peter Cardillo. The pause will continue. The Fed could be in a bind because recent macro figures are showing signs of an economy that is cooling. Wall Street saw the Dow Jones Industrial Average rise 64.20 points or 0.15% to 43,304.35. The S&P 500 also rose 8.12 points or 0.14% to 5,869.69, and the Nasdaq Composite gained 18.12 points or 0.11% to 18,564.87. The STOXX 600 pan-European index closed flat. The dollar index (which measures the greenback against its six main peers) rose by 0.14% to 107.51. Emerging Market stocks dropped 28.01 points or 2.49% to 1,096.02. The prospect of increased U.S. Tariffs sent markets into a frenzy and rekindled concerns about escalating trade wars. Trump announced on Thursday that 25% of the duties on imports coming from Canada and Mexico would be in effect from March 4, not April 2, as he suggested earlier. He also said that goods from China would be subject to a 10% additional duty. He also proposed 25% tariffs for shipments coming from the European Union this week. Bitcoin gained 0.35%, reaching $84,588.18. It had previously fallen below $80,000. The yield on the benchmark U.S. 10 year notes dropped 6.2 basis points to 4.225 percent. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 8.3 basis points, to 3.997%. Spot gold dropped 1.05%, to $2.845.88 per ounce. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 2.45% to 576.86 while the Nikkei, Japan's stock market, dropped 1,100.67 or 2.88% points to 37,155.50.
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INSIGHT - While Trump and Zelenskiy are discussing a mineral deal, the production of minerals in Ukraine is still years away
A small team of eco-consultants dropped sensors into the ground to measure the water level in a snow-covered field in central Ukraine. This is where the largest lithium deposits in the country are found. The small Ukrainian mining company UkrLithiumMining that has the license contracted the environmental survey years before any mining operations on the undeveloped site. This shows how much more work needs to be done for a mineral deal between Ukraine, the United States and other countries before it generates any significant revenue. The President Donald Trump views the minerals deal, which he will clinch with President Volodymyr Zelenskiy on Friday in Washington, as America's means of recouping some of the money that it has given Ukraine in financial aid and weapons to fight Russia which invaded Ukraine three years ago. Denys Alyoshin, Chief Strategy Officer of UkrLithiumMining said that the Washington agreement was a positive step because it makes Ukraine more resilient to Russian aggression over the long term. He said that without a Western security guarantee, it would be difficult to develop the Polokhivske Lithium deposit. The deposit, one of Europe's largest, is only 240 km from the Russian border. Alyoshin said, "Before war broke out I had many commercial negotiations with... investors interested in the project." "But once the war broke out, a rational CEO wouldn't go to a place where there was a war. They would go to Zimbabwe or Canada. There are many places where there isn't a war. The Trump administration, despite Zelenskiy's repeated requests, has not offered Kyiv any security guarantees. This has led to doubts about the commercial viability of developing rare mineral deposits, which are used in high-tech gadgets and batteries. Even if Russia agrees to a ceasefire this year, there is still the risk of war. The draft minerals agreement, which was reviewed by, included reassuring words but did not guarantee security. The focus was on creating a U.S. and Ukraine-managed "Reconstruction Investment Fund", to which Kyiv would contribute 50% of the future revenues from monetization state-owned resources. The terms of the agreement are very broad, and more negotiations will be required to nail down the details. Four experts have told Alyoshin stated that even if peace is restored to Ukraine, UkrLithiumMining will need to raise $350 millions and conduct a feasibility report for at least 1.5 years before they can begin building a mine or enrichment plant. "It will mean that we can reach a steady stage production...it could be in 2029." The next U.S. Presidential elections will take place in 2028. Trump, who has championed minerals cooperation to secure peace, is constitutionally prohibited from running for another term. Seven mining executives and analysts said that Alyoshin’s timeline was optimistic. The typical exploration period is four years. A feasibility study will take an additional year to complete before construction can begin. "The truth is that the majority of the lithium deposits in Ukraine have been identified during the Soviet period and we haven’t had any updates or exploration in many years," Federico Gay, an analyst at Benchmark Mineral Intelligence in London. He said that even if all the pieces fall into place, it will take at least eight years to develop the Polokhivske Deposit to the point where it produces usable lithium. Gay said that the deposit was deep and could require as much as $800 million to build the concentrator and mine. He added that an additional $1 billion would be required to produce the compounds for batteries. Alyoshin stated that his company planned to eventually produce 1.5 million tonnes per year of raw ore and then process it into 300,000 tons of petalite concentrat - a lithium-rich substance. Alyoshin said that with additional investment the lithium carbonate concentrate could be refined further to produce 22,000 tons of battery-grade Lithium Carbonate. It has not been previously reported the specifics of production and processing timetables planned at the Polokhivske Deposit. Classified Reserves The demand for these minerals is very high. Rare earths and lithium are both used to make electric vehicle batteries. Lithium can also be found in auto motors, wind turbines, and advanced military weapon systems. According to mining experts and analysts, it is a huge undertaking to convert Ukraine's lithium and rare-earth reserves into mines that can be operated and processing facilities built. The economy ministry of Ukraine and the Prime Minister's Office did not respond immediately to requests for comments for this article. Ukraine does not produce rare earths, but according to the Institute of Geology of Ukraine, it has large deposits of these minerals including lanthanum. cerium, and neodymium. The detailed data on these reserves is classified. Investors might be leery of a deal where the U.S. receives mined minerals as a return for security assurances, protection against future Russian attacks, and aid. Mining companies would use royalty agreements to secure financing from investors. They receive a percentage of sales revenue once production starts. While Trump is in office, any deal he makes to gain access to Ukraine's vital minerals will not allow the United States to challenge China's huge advantage in these key minerals. Julian Kettle, Vice-Chair Metals and Mining of Wood Mackenzie, said that while it is a counter to China it still poses the issue of where and how the minerals will be processed. The country is a producer of titanium, and has large graphite and Lithium deposits. You can increase production in existing mines. "But when it comes to new frontier development, the time from discovery to delivery of materials could be up to ten years." China is the third largest lithium producer in the world, behind Australia and Chile. China is the top producer of rare-earth elements in the world, including neodymium, used to produce strong, lightweight, powerful permanent magnetic materials used in military equipment. The U.S. Geological Survey, a government agency does not disclose details about lithium production in the United States. The USGS estimated that 45,000 metric tonnes of rare earth oxides contained in mineral concentrates was produced last year, making the U.S. second largest concentrate producer behind China. The gap is huge. USGS reports that China mined 270,000 tons of rare earths last year, or 69% of global production. It has even more control over rare earth processing, a complex process that is highly polluting. Beijing produces 90% of all rare earth elements. NEGOTIATIONS TO BE CONTINUED Dominic Raab is the head of global affairs for Appian Capital Advisor, a firm that invests into mining companies. He said the deal between Ukraine and the U.S. was a step in the right direction in terms of helping to fund Ukraine's development. Raab said that there was still a lot of due diligence and negotiations to be conducted. He previously served as the former British deputy prime minister and secretary of state for foreign affairs. Raab stated that Appian is interested in investing in Ukraine’s mineral projects if there was more information about the geological potential of the country. According to BMI, Ukraine is home to significant amounts of rare earth elements and lithium, graphite titanium, graphite used in nuclear power generation, as well as uranium. "Ukraine's not been mapped for 30 years." Gracelin Baskaran is the director of the Center for Strategic and International Studies' critical minerals security program. She said, however, that the mining industry - which uses around one-fifth as much energy worldwide - requires a robust electrical infrastructure: "Ukraine was bombed out." The state of the infrastructure in Ukraine and the security risks are too high to consider it a serious competitor. (Reporting from Pratima Deai in London, and Olena Harma in Kyiv. Additional reporting by Thomas Peter at Kopanky, and Ernest Scheyder at Houston. Editing by Veronica Brown and Mike Collett White.
Canada's Imperial Oil Quarterly Profit Falls on Weak Crude Prices
The Canadian oil company Imperial Oil reported a decline in profit for the fourth quarter on Friday as lower crude prices were offset by higher production and better utilization of refinery capacity.
Benchmark crude oil prices dropped 3% in 2024, due to the economic challenges in China and a sluggish recovery from the pandemic. A supply glut was also exacerbated by a surge in U.S. production and that of other non-OPEC countries.
The company raised its quarterly dividend to 72 Canadian cents per shares, an increase of 20%.
Imperial's production upstream for the quarter October-December was 460,000 barrels of crude oil equivalents per day (boepd), as compared to 452,000 boepd in the same period the previous year.
The total throughput volume, or amount of crude processed per day, was up by nearly 1% to 411,000 barrels (bpd). Refinery usage was 95%, up from 94% in the previous year.
The Calgary-based company reported that its net income dropped to C$1.23billion ($849.39m), or C$2.37/share, for the quarter ending Dec. 31 from C$1.37billion, or C$2.47/share, last year.
Imperial's earnings are down as Canadians prepare for the 25% tariff that President Trump is expected to impose on Canadian imports on February 1.
According to the Energy Information Administration, Canada is the largest source of U.S. crude oil imports and will supply more than half the total imports in 2023.
Imperial Oil, which is owned by Exxon Mobil in the United States, reported a decline in its fourth-quarter profits earlier today. ($1 = 1,4481 Canadian Dollars) (Reporting and editing by Devika Syamnath in Bengaluru)
(source: Reuters)