President Obama’s proposal to add a new $10 per barrel tax on crude oil would harm consumers.

Crude oil prices soared by more than $2/bbl on both the New York and London markets Feb. 3, which analysts attributed to a sliding dollar. The oil price rally came despite a bigger-than-expected gain in US crude oil supplies.

Net loss of $2.007 billion ($1.38 per common share), due to non-cash asset writedowns, which were a result of the depressed commodity cycle, and a foreign exchange loss on U.S. dollar denominated debt.

Full-year 2015 earnings were a net loss of $4.4 billion, or ($3.58) per share, compared with full-year 2014 earnings of $6.9 billion, or $5.51 per share. Excluding special items, full-year 2015 adjusted earnings were a net loss of $1.7 billion, or ($1.40) per share, compared with full-year 2014 adjusted earnings of $6.6 billion, or $5.30 per share.

The global oil market will rebalance later this year, paving the way for a recovery in crude prices from their lowest level in more than a decade, according to Royal Dutch Shell’s chief executive.

U.S. Rig Count is down 48 rigs from last week to 571, with oil rigs down 31 to 467, and gas rigs down 17 to 104. Canadian Rig Count is up 11 rigs from last week to 242, with oil rigs up 5 to 131, and gas rigs up 6 to 111.

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. “It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley.

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency.

Weatherford International plc (NYSE: WFT) reported a net loss before charges of $102 million ($0.13 net loss per share before charges) on revenues of $2.01 billion for the fourth quarter of 2015. GAAP net loss for the fourth quarter of 2015 was $1.21 billion, or a net loss of $1.54 per share. Full year revenue was down $5.5 billion and operating income declined $1.5 billion primarily due to lower activity, pricing weakness and customer budget reductions in oil and gas markets across the world.

«У нас есть задача сохранения традиционных рынков в Европе. При этом увеличением поставок на Восток тоже надо заниматься, это правильный вектор, и мы, безусловно, будем его поддерживать»,

Oil prices fell by 47 percent in 2015 and are expected to decline, on an annual average, by another 27 percent in 2016. However, from their current lows, a gradual recovery in oil prices is expected over the course of the year, for several reasons. First, the sharp oil price drop in early 2016 does not appear fully warranted by fundamental drivers of oil demand and supply, and is likely to partly reverse. Second, high-cost oil producers are expected to sustain persistent losses and increasingly make production cuts that are likely to outweigh any additional capacity coming to the market. Third, demand is expected to strengthen somewhat with a modest pickup in global growth.

“Everything is possible in theory. It was possible a year ago, a month ago. Nothing new has happened. This frenzy is idiotic. It stems from the fact that people can’t read.”

“Co-ordination between Russia and Opec has been discussed in the past and has always come to nothing, and it would be a shock if any different outcome occurred this time,” says James Henderson at the Oxford Institute for Energy Studies.

“While we view this outcome as unlikely, a 5% production cut by just Saudi Arabia and Russia would be sufficient to bring the market close to balance,” said Jason Gammel, oil analyst at Jefferies. “A balanced market…would set the stage for oil price recovery.”

The Dow Jones industrial average climbed 125.18 points, or 0.8 percent, to 16,069.64. The Standard & Poor’s 500 index picked up 10.41 points, or 0.6 percent, to 1,893.36. The Nasdaq composite index rose 38.51 points, or 0.9 percent, to 4,506.68. U.S. crude rose 92 cents, or 2.8 percent, to $33.22 a barrel in New York. Brent crude, a benchmark for international oils, gained 79 cents, or 2.4 percent, to $33.89.