Statoil CEO Sees Indications Oil Might Be Rebalancing

The video discusses the company's profit driven by operational performance and cost efficiency amidst low commodity prices. Analysts are surprised by the results due to ongoing efficiency measures. The oil market is imbalanced, with a focus on cost-cutting and refining assets. The company is comfortable with its portfolio and is planning for a post-oil economy by investing in renewable energy projects like offshore wind.

What factors contributed to the company's strong operational performance?

• Increased production capacity and improvement programs

• Decreased production costs

• High commodity prices

• New market acquisitions

What is the company's revised improvement target for this year?

• 2.5 billion U.S. dollars

• 3.0 billion U.S. dollars

• 4.0 billion U.S. dollars

• 1.7 billion U.S. dollars

What is the current market situation according to the company?

• Imbalanced with downward pressure on oil prices

• Under-supplied with decreasing prices

• Over-supplied with increasing prices

• Balanced with stable prices

How does the company view its portfolio configuration in relation to the refining sector?

• Needs significant changes

• Comfortable with current configuration

• Should focus solely on upstream operations

• Requires more exposure to refining

What is the company's approach towards a post-oil economy?

• Immediate shift to renewable energy

• Gradual diversification with investments in offshore wind

• Complete reliance on natural gas

• No plans for diversification