Oil Investors Are $240 Billion Poorer a Week After OPEC Call
- Exxon has lost $11 billion of value, PetroChina $17 billion
- MSCI World Energy Index headed for worst year since 2008
OPEC Scraps Production Ceiling, Oil Decline Continues
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Investors around the world have seen $240 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit.
Companies producing, refining, piping and exploring for oil, along with those that provide them with services, had a market value of about $3.72 trillion as of Friday, compared with $3.96 trillion on Dec. 3, the day before the Organization of Petroleum Exporting Countries’ meeting in Vienna. Exxon Mobil Corp., the world’s biggest oil company, has lost $11 billion of its value and PetroChina Co. more than $17 billion, according to data compiled by Bloomberg.