Reuters: Norway's Statoil defies oil sector gloom with upbeat Q1
Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares.
Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first.
Oil firms have seen their profit margins decline due to a rise in costs as crude becomes more difficult to extract and several big projects, such as Kashagan in Kazakhstan, have spiralled out of control.