Exxon Mobil Announces Second Quarter 2012 Results

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Exxon Mobil Corporation free trend analysis > NYSE:XOM

		Second Quarter						First Half
		2012		2011		%		2012				2011		%
Earnings Excluding Special Items 1
$ Millions		15,910		10,680		49		25,360				21,330		19
$ Per Common Share
Assuming Dilution		3.41		2.18		56		5.41				4.32		25
Special Items
$ Millions		0		0				0				0
Earnings
$ Millions		15,910		10,680		49		25,360				21,330		19
$ Per Common Share
Assuming Dilution		3.41		2.18		56		5.41				4.32		25
Capital and Exploration
Expenditures - $ Millions		9,339		10,306		-9		18,173				18,127		0

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED....


“Second quarter results reflect our ongoing commitment to develop and deliver the energy needed to help meet global demand and underpin economic recovery and growth. Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development.


“Second quarter earnings of $15.9 billion included a net gain of $7.5 billion associated with divestments and tax-related items. Excluding these items, second quarter earnings were $8.4 billion.


“Capital and exploration expenditures were $9.3 billion in the second quarter and a record $18.2 billion for the first six months of 2012 as we progress our plans to invest about $37 billion per year over the next five years to help meet the global demand for energy.


“The Corporation distributed $7.7 billion to shareholders in the second quarter through dividends and share purchases to reduce shares outstanding.”


SECOND QUARTER HIGHLIGHTS

• Earnings of $15,910 million increased $5,230 million or 49% from the second quarter of 2011. Earnings included a net gain of $7.5 billion associated with divestments and tax-related items.
• On June 1, ExxonMobil completed the restructuring of its Downstream and Chemical holdings in Japan. Under the restructuring, TonenGeneral Sekiyu K.K. (TG) purchased ExxonMobil’s shares in a wholly-owned affiliate in Japan for approximately $3.9 billion. As a result, ExxonMobil’s effective ownership of TG was reduced from 50% to 22%.
• Earnings per share (assuming dilution) were $3.41, an increase of 56%.
• Capital and exploration expenditures were $9.3 billion, down 9% from the second quarter of 2011.
• Oil-equivalent production decreased 5.6% from the second quarter of 2011. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was essentially flat.
• Cash flow from operations and asset sales was $13.9 billion, including proceeds associated with asset sales of $3.7 billion.
• Share purchases to reduce shares outstanding were $5 billion.
• Dividends per share of $0.57 increased 21% compared to the second quarter of 2011.
• ExxonMobil and Rosneft signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments.
• ExxonMobil has filed permit applications to progress plans for a world class petrochemical expansion on the U.S. Gulf Coast, in anticipation of a 2016 start-up. The potential project would include a new ethane cracker and premium product facilities at ExxonMobil’s integrated Baytown complex in Texas.
• ExxonMobil and joint venture partner Saudi Basic Industries Corporation will proceed with construction of a world scale specialty elastomers facility. The 400 thousand metric tons per year facility will be integrated with the existing Al Jubail complex in Saudi Arabia, and completion is anticipated in 2015.
  
  Read the entire earnings report at ExxonMobil.Com

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Saudi Arabian Oil Minister Says Crude Oil Prices are too High

Crude oil fell for a fifth day as Saudi Arabian Oil Minister Ali al-Naimi said prices are too high and the euro weakened against the dollar after the weekend’s election results. Crude oil prices are “still a little bit high,” al-Naimi said in Tokyo today before board meetings of Saudi Arabian Oil Co., of which he is chairman.

The euro fell for a seventh day as Greek politicians struggled to form a new government and on the possibility of a policy conflict between Germany and France, which elected Socialist Francois Hollande president. “The Saudis are still coming out and saying prices are too high, and they probably will continue to ramp up production,” said Phil Streible, a Chicago based commodities broker at RJO Futures. “The euro is getting everything down.”

Crude for June delivery fell 89 cents, or 0.9 percent, to $97.05 a barrel at 9:18 a.m. on the New York Mercantile Exchange. The five day losing streak is the longest since Feb. 2. Prices have fallen 12 percent since Feb. 24, when they reached the 2012 high of $109.77.

Brent oil for June settlement dropped 98 cents, or 0.9 percent, to $112.18 a barrel on the London based ICE Futures Europe exchange.....Read the entire article.

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Nearly 69% of U.S. Crude Oil Imports Originated From Five Countries in 2011

 The amount of crude oil the United States imported from its top five foreign suppliers—Canada, Saudi Arabia, Mexico, Venezuela, and Nigeria—increased slightly during 2011, even though total U.S. crude oil imports fell to their lowest level in 12 years. As a result, the crude oil from these five countries accounted for a bigger share of overall U.S. crude oil imports, nearly 69%, or just over 6.1 million barrels per day (bbl/d).

Canada, Saudi Arabia, Mexico, Venezuela, and Nigeria have consistently been America's five largest crude oil suppliers, although their rankings varied from year to year. However, U.S. purchases of crude oil in 2011 increased from Canada and Saudi Arabia and declined from Mexico, Venezuela, and Nigeria, according to final trade data from EIA's February 2012 Company Level Imports report.

Combined crude oil imports from the five countries increased by less than 1% during 2011 to 6.1 million bbl/d. At the same time, total U.S. imports fell about 3%, or 0.3 million bbl/d, to 8.9 million bbl/d. That marked the lowest annual level of crude oil imports for the United States since 1999.

The combination of lower total U.S. crude oil imports and higher crude oil shipments from the top five foreign suppliers boosted their market share to about 69% of all U.S. crude oil imports during 2011, compared to 66% in 2010.


 Highlights from the U.S. top crude oil importing countries in 2011 included:

• Canada. Crude oil imports averaged a record 2.2 million bbl/d, up 12% from the year before, and topped 2 million bbl/d for the first time because more oil is now being transported by rail.
• Saudi Arabia. Crude oil imports averaged 1.2 million bbl/d, up 10% from the year before, and were the highest level since 2008.
• Mexico. Crude oil imports of 1.1 million bbl/d were down 4.5% from the year before and the second lowest since 1995, reflecting the steady decline in Mexico's crude oil production and rising domestic fuel demand.
• Venezuela. Crude oil imports of 0.9 million bbl/d were down 5% from the year before and the lowest since 1992.
• Nigeria. Crude oil imports of 0.8 million bbl/d were down 22% from the year before and the lowest since 2002, due in part to civilian unrest that disrupted the country's crude oil production.

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Phil Flynn: The Good, The Bad And The Bullish And Bearish

It was easy to get caught up in all of the exhilaration as oil rallied strong in the glow of a global bailout frenzy. Promises of re-capitalization of European banks by the French and the Germans and word that a Chinese sovereign wealth fund was buying shares of faltering Chinese banks, eased the markets darkest fears causing a run out of the safe haven dollar and a run in to the euro.

The oil of course dutifully rallied as the risk appetite came back and the VIX fear index fell. Yet despite the fact that it was bailout mania that drove most of the commodity complex, we would be remiss not to point out other bullish factors that were at play in a marvelously bullish day.

For oil there was a lot of bullish news and bullish speculation surrounding Saudi Arabian production. Private forecasters are reporting that Saudi production is falling perhaps by as much as 4% as they seek to take back that extra oil they pumped to replace lost Libyan crude. Also were reports that the Saudis have put on hold their plans to expand production capacity and that was also a potential long term supportive story the crude complex.

What is more OPEC just lowered their global demand forecast by 180,000 barrels per day and at the same time, is warming they are staying alert to market imbalance risk. In other words, if oil prices fall too hard they will take steps to cut production even further. Ah, yes the OPEC boys doing their part to screw up the global recovery.

Even sugar for the ethanol traders had a big news. Floods in Thailand, one major sugar producer and worries about the smaller than expected Brazilian crop shot sugar back above 30. Dow Jones said that strong ethanol demand in Brazil could reignite a rally in sugar futures before the front-month contract expires next March. That is of curse assuming the Europe does not fall on its face again.

Copper soared again on the hope for an improving economic outlook but also as reports of violence at the world's third largest copper mine in Indonesia. Freeport McMoran Copper & Gold Inc says that is continuing to produce and ship copper concentrates at reduced levels from its Indonesian mine while violence broke out and at least one death was reported. In the meantime copper traders are looking for a surge in copper demand from China as they expect that they will be looking to replenish stockpiles. Of course if the economy slows it might not happen.

Jean Claude Trichet in Brussels EU is warning of large scale systemic risk that could impact even the larger countries in the EU! Wow, who knew? Those concerns of course are another reason why the market is wondering whether all of that exuberance was justified. Earnings season begins today and the world is waiting on Slovakia to pass its partipation in the larger EU bailout fund. That's right, Slovakia. The market is worried that a "no" vote could crash the global markets.

In the mean time, mergers and acquisitions in the oil patch could be exploding. Yesterday China raised eyebrows with a major accusation play in the Canadian oil sands. Chinese owned Sinopec signed an agreement to purchase Canadian oil and gas exploration and production company Daylight Energy. Now the question is whether or not the Canadians will approve the deal. Stay tuned!


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Oil Tankers to Lose Money on Saudi - U.S. Route Through 2012

The U.S. is importing the smallest amount of Persian Gulf crude in 14 years as demand weakens and domestic production climbs, signaling that tankers on the route will lose money for at least another year.

The world’s biggest oil consumer bought 1.7 million barrels a day from Saudi Arabia and six other Persian Gulf states in the first half, the least since 1997, according to the latest Department of Energy data. Daily U.S. output averaged 5.58 million barrels, the most since 2004, the data show. Some owners have paid clients to charter their tankers on the route since March and will probably have to keep doing so until at least the end of 2012, Arctic Securities ASA in Oslo estimates.

The U.S. is boosting output of oil, shale gas and ethanol as President Barack Obama seeks to cut the nation’s dependence on foreign fuel. Fewer cargoes from the Middle East to the U.S., the world’s second-biggest tanker route, mean an expanding vessel glut. There are about 25 percent more supertankers than cargoes available in the Persian Gulf, the most since October, according to Bloomberg surveys of shipbrokers and owners.

“The U.S. is awash with domestic oil and increasingly divorced and less reliant on foreign imports,” said Andreas Vergottis, the research director at Tufton Oceanic Ltd. in Hong Kong, which manages the world’s largest shipping hedge fund. “Not only is end use of oil shrinking, but domestic production of crude oil is rising rapidly”......Read the entire article.

Is it Really That Easy to Replace Libyan Oil

If you listen to the TV news man we have nothing to worry about. Saudi Arabia will make up for the Libyan crude oil not making it to the market. Well, we know it's just not that simple. Most European refiners that rely on this sweet light crude coming out of Libya cannot handle the high sulphur content and sour nature of the Saudi crude. And that's if the Saudis can even back up the ability to increase their production on the drop of the dime.

Here's how the oil producing countries stack up in quality of oil they produce......

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Phil Flynn: Bailout Bounce

There is nothing like a big bailout to get energy traders' minds off of the dangerous world we live in. Oil prices are defying a stronger dollar as the market is rallying on the news that Europe finalized a 67.5 billion Euro bailout of Ireland and created a plan that could have bondholders taking haircuts to help pay for their solvency.

Yet oil may also be getting a geo-political bounce as tension rise in the world and I am not just talking about the Korean Peninsula. A revelation from Wiki-Leaks may add to tensions in the Middle East and perhaps even threaten the delicate peaceful balance that sort of exits there. Reuters News reported that, “Saudi King Abdullah has repeatedly urged the United States to attack Iran’s nuclear programs, according to a vast cache of diplomatic cables released on Sunday in an embarrassing leak that undermines U.S. diplomacy.

The more than 250,000 documents, given to five media groups by the whistle blowing website Wiki Leaks, provide candid and at times critical views of foreign leaders as well as sensitive information on terrorism and nuclear proliferation filed by U.S. diplomats, according to The New York Times. The White House condemned the release by Wiki Leaks and said the disclosures may endanger U.S. informants abroad.” It could also create tension in the OPEC cartel as Iran may try to retaliate against Saudi Arabia in some way.

The Saudis already have their hands full fighting Al-Qaeda and other terrorist rightfully fear a nuclear armed state sponsor of terror like Iran. The Saudi King in the leaked memo said that the US should, “cut off the head of the snake”. It’s good to be back! Make sure you are signed up for Phil's daily trade levels! He can be reached at pflynn@pfgbest.com. Also make sure you catch Phil on the Fox Business Network where you can see him every day!


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UL: The End of Oil's Golden Age

One can argue that the world would be very different from what it is today if we hadn’t found crude oil and invented how to leverage this very convenient and relatively cheap energy source. The energy density of oil derivatives such as gasoline is superior to any other substance in liquid or gas form. That’s why the majority of cars are propelled either by gasoline or diesel and airplanes use kerosene.

Also, approximately 15% of oil is used to make asphalt, plastics and a wide variety of critical chemical products. Therefore, crude oil plays a key role in the modern globalized world economy. It has truly enabled a golden age for those that can afford to leverage it.

Unfortunately, oil is a finite resource and some day we will run out of it if we continue consuming it like we do. Long before this happens we will have serious problems, as soon as demand exceeds the supply. This is the essence of “peak oil” concept. International Energy Agency (IEA) estimated in their 2008 World Energy Outlook that oil production should not peak before 2030 if 64 million barrels per day (mb/d) of additional capacity is taken into use between 2007 and 2030.

In theory this is possible, but in practice there is a very real risk of under investment since the required new capacity is equivalent to six times the current production of Saudi Arabia. Therefore, the report concludes that an oil supply crunch can happen as early as 2015.

It is immensely hard to estimate the maximum rate at which the oil can be extracted from all different sources, both conventional and unconventional. Therefore, it is also hard to estimate when oil production will peak. What seems fairly certain is that it will do so within the next 30 years, and I personally believe it will happen within the next 10 years......Read the entire article.



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Crude Oil Slip From a 5 Month High as Stocks Take a Breather

Crude oil tumbled from a five month high after the dollar rebounded versus the euro and U.S. equities declined, wiping out an early advance. Oil headed for the biggest drop in three weeks as the greenback climbed against the common currency for the first time in three days, reducing the appeal of commodities as an alternative investment. The Standard & Poor’s 500 Index decreased for a second day as raw-material prices fell, sending producer shares lower.

“The dollar and equities are the main drivers,” said Kyle Cooper, director of research for IAF Advisors in Houston. “What happens with inventories and demand isn’t that important.” Crude oil for November delivery fell $1.56, or 1.9 percent, to $81.67 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Oil dipped as much as $2.23 to $81, and reached $84.43 earlier today, the highest level since May 4.

Brent crude oil for November settlement declined $1.68, or 2 percent, to $83.38 a barrel on the ICE Futures Europe exchange in London. It reached $86.02, the highest level since May 4. The U.S. currency rose after applications for U.S. unemployment benefits unexpectedly fell. Jobless claims dropped by 11,000 to 445,000 in the week ended Oct. 2, the fewest since July 10, Labor Department figures showed today in Washington. The dollar climbed 0.1 percent against the euro to $1.391 after reaching an eight month low of $1.4029 in New York.....Read the entire article.


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Phil Flynn: Exporting America!

A surprise drawdown in gasoline supply as the US becomes an exporter of more products as refiners sink deep into seasonal maintenance. Strong data out of China helped offset concerns about European sovereign debt. Add to it a weak dollar and you have created the right condition for an energy rally. Also of note China has now surpassed the United States as the biggest consumer of Saudi oil yet we may see some slowing as China takes steps to bring down exploding property prices.

Inventories seemed to be the major driving force for yesterday steady methodical rally. The EIA reported that motor gasoline inventories fell by a shocking 3.5 million barrels last week even as gasoline production increased to 9.2 million barrels a day and refinery runs scrapped the bottom at 85.8 %.It is clear that the US is exporting more gas and diesel as demand stagnates here and is robust in other places. The EIA shows that four moving average for gas demand is averaging 9.1 million barrels per day which is up just 0.9% from last year percent from the same period last year.

Yet gasoline supply fell as refiners look overseas. The US is now a net gasoline exporter for the first time since 1961. Reuters News reported today, “US oil refiners are shipping fuels to foreign markets to restore profits battered by sputtering domestic demand, signaling a historic shift in the global oil trade. Gasoline guzzling Americans have cut consumption while emerging markets including nearby Latin America have seen demand grow beyond the capacity of local refineries.....Read the entire article.



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Saudi Arabia Set to Raise Crude Oil Production

2 major themes dominating the market are Japanese government's unexpected intervention of yen and Fed's extension of QE by increasing bond purchases. Gold consolidated in Asian and European sessions after rallying above 1270 yesterday. Outlook remains firm and is likely to extend gains to 1300. Crude oil weakened for a second day and is currently trading below 76. Despite OPEC's downward revision on demand for the cartel's oil, Saudi Aramco said that it's ready to boost production as consumption in emerging markets expands.

With the exception of China, most Asian stocks surged as led by Japan's Nikkei Stock Average which added +2.34%. Japan's measures to curb yen's appreciation revived optimism on the country's export-driven economy. For the first time in 6 years, the BOJ intervened by buying dollar and selling yen as the country's currency has surged to the highest level in 15 years. The action was a surprise to the market as it's widely expected Naoto Kan, the re-elected Prime Minister, is less aggressive in curbing yen's appreciation. That said, the impact of the intervention should not last for long as it appeared to be carried out unilaterally, rather than in collaboration with other central banks.

China's stocks fell amid speculations that the country may raise banks' capital adequacy ratios to as high as 15% by 2012 and the government will accelerate restrictive measures to boost energy efficiency in coming months.

At an interview with the Globe and Mail, a Canadian newspaper, Khalid al-Falih, head of Saudi Aramco, Saudi Arabia's state oil company, said he expects global demand for crude oil to rise, mainly from from China and India, and the company is ready to boost production to meet any increase. The comments appeared to be in contrast with OPEC's monthly report that lowered the demand for the cartel's output by -0.1M bpd and -0.2M bpd for 2010 and 2011 respectively as non OPEC production increased. We believe Khalid's saying aimed at reducing the country's spare oil capacity.

Saudi Arabia, which produces 8.5M bpd and has the capacity for an output of 12.5M bpd, is looking to increase output by about +2M bpd over the next 5 years, thus trimming the spare capacity 2M bpd. According to OPEC's September report, the 11 members bearing quotas produced 26.799M bpd, bringing the compliance level +0.9% higher to 53.5%, in August.

The US government will report industrial production which probably grew +0.3% m/m in August, following a +1% growth in the prior month. Capacity utilization rate should have climbed to 74.9% in August from 74.8% in July. The Empire State manufacturing index is expected to have crawled higher for a second month to 9 in September after plummeting to a 7-month low of 5.1 in July.

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Saudi Arabia Preparing for oil Demand to Peak

A top Saudi energy official expressed serious concern Monday that world oil demand could peak in the next decade and said his country was preparing for that eventuality by diversifying its economic base. Mohammed al-Sabban, lead climate talks negotiator, said the country with the world's largest proven reserves of conventional crude is working to become the top exporter of energy, including alternative forms such as solar power.

Saudi Arabia was among the most vocal opponents of proposals during the climate change talks in Copenhagen. And al-Sabban criticized what he described as efforts by developed nations to adopt policies biased against oil producers through the imposition of taxes on refined petroleum products while offering huge subsidies for coal _ a key industry for the United States. Al-Sabban said the potential that world oil demand had peaked, or would peak soon, was an "alarm that we need to take more seriously" as Saudi charts a course for greater economic diversification.

"We cannot stay put and say 'well, this is something that will happen anyway," al-Sabban said at the Jeddah Economic Forum. The "world cannot wait for us before we are forced to adapt to the reality of lower and lower oil revenues," he added later.

Some experts have argued that demand for oil, the chief export for Saudi Arabia and the vast majority of other Gulf Arab nations, has already peaked. Others say consumption will plateau soon, particularly in developed nations that are pushing for greater reliance on renewable energy sources. With oil demand only now starting to pick up after it was pummeled by the global recession, some analysts say consumers may have learned to live permanently with a lower level of consumption.....Read the entire article.

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Crude Oil Wants To Go Higher, Remains Overbought

June crude oil was higher overnight and remains poised to extend the rally off April's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If June extends last week's rally, April's high crossing at 55.85 is the next upside target. Closes below the 20 day moving average crossing at 51.67 are needed to confirm that a short term top has been posted.

Wednesday's pivot point is 54.16

First resistance is Tuesday's high crossing at 54.83.
Second resistance is April's high crossing at 55.85.

First support is the 10 day moving average crossing at 51.90.
Second support is the 2 day moving average crossing at 51.67.

Today’s Stock Market Club Trading Triangles


The June Dollar was slightly lower overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term.

If June extends the decline off April's high, March's low crossing at 83.14 is the next downside target. Closes above the 20 day moving average crossing at 85.39 would temper the near term bearish outlook in the market.

First resistance is the 10 day moving average crossing at 84.87.
Second resistance is the 20 day moving average crossing at 85.39.

First support is Tuesday's low crossing at 83.62.
Second support is March's low crossing at 83.14.

Today’s Stock Market Club Trading Triangles


The June S&P 500 index was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term.

If June extends the rally off March's low, January's high crossing at 937.00 is the next upside target. Closes below the 20 day moving average crossing at 860.33 are needed to confirm that a short term top has been posted.

Wednesday's pivot point, our line in the sand is 901

First resistance is Tuesday's high crossing at 908
Second resistance is January's high crossing at 912.5

First support is the 10 day moving average crossing at 896.75
Second support is the 20 day moving average crossing at 889.75

The June S&P 500 Index was down 5.80 points. at 897.60 as of 5:37 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.

Key Market Events To Watch......

10:30 AM ET. May 1

US Energy Dept Oil Inventories

Crude Oil Stocks (previous 374.7M)

Crude Oil Stocks (Net Change) (expected +2M; previous +4.1M)

Gasoline Stocks (previous 212.6M)

Gasoline Stocks (Net Change) (expected +500K; previous -4.7M)

Distillate Stocks (previous 144.1M)

Distillate Stocks (Net Change) (Expected +1M; previous +1.8M)

Refinery Usage (expected 82.9%; previous 82.7%)


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Crude Oil Below $45, SABIC's First Loss, Iran Supports OPEC Cut

"Nymex Crude Falls Below $45 Barrel On Economic Fears, Expiration"
Crude oil futures were down Tuesday, slipping below $45 a barrel on lingering concerns about the U.S. economy.

Light, sweet crude for May delivery was down $1.82, or 4%, at $44.06 a barrel on the New York Mercantile Exchange, after falling as low as $43.83 a barrel. June Brent crude on the ICE futures exchange fell $1.37 to $48.49 a barrel.

For the past month, oil prices have held up relatively well, hovering around or above the $50 a barrel mark despite domestic crude supplies swelling to 18 year highs. But crude sliced nearly a tenth off its value Monday, plunging with equity markets as investors worried about the health of U.S. banks, despite a series of better than expected quarterly results....Complete Story

"SABIC Drops After First Quarterly Loss Since 2001"
Saudi Basic Industries Corp., the world’s largest chemicals maker by market value, dropped the most in five months in Riyadh trading after reporting a surprise quarterly loss on slumping demand for plastics and fertilizers.

Sabic fell 9.9 percent to 42 riyals, the biggest decline since Nov. 22. The first quarter net loss was 974 million riyals ($259.7 million) after booking 1.18 billion riyals in goodwill writedowns, the Riyadh based company said today in a statement. The loss is the company’s first since the last quarter of 2001 and misses analyst estimates of 1.02 billion riyals in profit.

The first simultaneous recession for six decades in the U.S., Japan and Germany forced Sabic to slash polyethylene and polypropylene prices and cut its workforce as demand weakened for plastics....Complete Story

"Iran Supports OPEC Output Cut Conditionally"
Iran said on Thursday that it will conditionally support OPEC output cut, the official IRNA news agency reported.

Iran's representative to OPEC Seyyed Mohammad-Ali Khatibi voiced the conditional support to some reporters on the sidelines of an oil gas show in Tehran, MENA said.

"The OPEC decision to cut its output at a meeting in May in Vienna depends on the market condition," Khatibi was quoted as saying, adding "if there is an oversupply of oil (in the market), the output cut will be considered."....Complete Story


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