Crude oil has been among the worst-performing commodities this year as hefty production has combined with a number of other factors to send the fossil fuel lower. That being said, a number of bellwether oil firms will be detailing their most recent quarter’s earnings this week, as investors are anxious to see how lower prices have impacted bottom-line returns. Below, we outline five of the biggest oil firms to report earnings this week, and commodity investors should watch them closely [for more oil news and analysis subscribe to our free newsletter].
The U.S. has long dominated crude oil consumption around the world, as the insatiable need for the fossil fuel has long powered the economy. According to EIA estimates, the U.S. gobbles up around 18.9 million barrels of oil each day, or about 7 billion per year, the highest such figures in the world. While the nation may be close to supporting itself in terms of domestic oil production, it still will not change the fact that the U.S. relies more heavily on crude than any other country in the world [for more oil news subscribe to our free newsletter].
While certain global producers are showing signs of slower growth, the United States is still on track to overtake Saudi Arabia and Russia to become the world’s largest oil producer in the next few years. As such, the U.S. energy boom has encouraged domestic companies to ramp up production and explore new opportunities both at home and around the globe [for more commodity news and analysis subscribe to our free newsletter].