Sectors Up Close: Oil majors ‘can leverage pricing power for a long time’

The war in Iran has fueled blowout profits for the oil majors – $5.5 billion in the last quarter for Exxon and $4.9 billion for Chevron. Clayton Allison of Prime Capital Financial told Reuters their ability to set prices is likely to stay high for a while as the world struggles to replenish reserves, but that doesn’t mean they will be confident enough in future demand to invest in new drilling.

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