Oil market loses USD 1 trillion from price decline

Oil and gas companies around the world have lost huge sums in equity valuation in line with declining oil prices.

Photo: /ritzaui/AP/Hasan Jamal

The decline in oil prices during this last month has been a costly affair for international oil and gas companies and in more ways than one.

Not only has the market value of the companies' core commodity taken a dive of approximately 25 percent. Norwegian analyst firm Rystad Energy estimates in a new report that oil and gas companies around the world have lost around USD 1 trillion in equity during the period. That corresponds to almost 25 percent of their aggregated value.

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