GE, which has been hit by weakness in its power and oil and gas businesses, set aside USD 1.5 billion in legal reserves connected to lawsuits from its discontinued US mortgage business, WMC.
"Energy intensity as you know has declined significantly ... this reduced energy intensity and higher productivity globally of energy input leads me to think that there is the capacity to absorb higher prices," Faleh said.
The companies have sanctioned 'Satellite Cluster', the second of Block KG D6's three phases
Oil prices on Thursday remained close to highs touched the previous day that were last seen in late 2014, buoyed as US crude inventories declined and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market.
Brent crude oil futures were up 54 cents at $72.12 a barrel by 0941 GMT, while U.S. WTI crude futures were up 60 cents at $67.12.
Oil prices edged up on Wednesday, lifted by a reported fall in US crude inventories and by the ongoing risk of supply disruptions.
Brent crude oil futures were up 10 cents at $71.52 a barrel by 0907 GMT, while U.S. crude futures gained 9 cents to $66.31 a barrel.
The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack on April 7.
In the past we have seen oil prices as high as 140$/bbl, and for the current environment, we think that oil prices till 80$/bbl will not have any material impact on the economy or the OMC’s, Akash Singhania, Sr. VP & Fund Manager, Motilal Oswal AMC said in an exclusive interview with Moneycontrol’s Kshitij Anand.
Financial performance at Aramco has long been one of the best kept secrets in the oil industry but as the company prepares for a long-awaited initial public offering (IPO) this year or next it needs to tell investors what it earns and how it operates.
Brent crude rose by 44 cents to $72.46 a barrel at 0821 GMT, up about 8 percent on the week.
The IEA, which coordinates the energy policies of industrialised nations, said global stocks in developed countries could fall to their five-year average - a metric used by OPEC to measure the success of output cuts - as early as May.
It said growth in non-OPEC oil supply was forecast to rise by a further 80,000 barrels per day this year to 1.71 million bpd, driven largely by higher-than-anticipated growth in the first quarter in the United States and the former Soviet Union.
Oil markets edged back from highs last reached in late 2014 as ample supplies weighed, but prices were underpinned by worries over military escalation in Syria and trade tensions between the United States and China.
Brent crude futures were at $72.33 per barrel at 0648 GMT, up 27 cents, or 0.4 percent from their last close.
Indian imported crude’s average price has risen from $56.06 in October 2017 to $63.80 in March 2018
Key producers from the Organization of the Petroleum Exporting Countries (OPEC), threatened by the rising output from new and non-OPEC countries, are trying to secure a foothold in India where refining capacity is set to surge to 8 million barrels per day (bpd) by 2030 from 5 million bpd.
Despite this, prices remain within recent ranges as oil markets still face an abundance of supply that puts pressure on producers to keep their prices competitive in order not to lose market share.
Indian Foreign Secretary Vijay Gokhale and his Bangladeshi counterpart Md Shahidul Haque discussed many bilateral and international issues during delegation-level talks.
Markets were also eyeing the situation in Syria after reports - denied by the Pentagon - that U.S. forces had struck a major air base there.
Iran is pushing to retain its oil customers in Asia, offering better terms than other Middle Eastern suppliers including Saudi Arabia, even as the threat looms of potential further U.S. sanctions on the OPEC member.
President Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on $100 billion more of imports from China, escalating tensions with Beijing.
Qatar's Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC's cooperation with Russia even after the current round of joint oil supply cuts ends.
U.S. West Texas Intermediate crude for May delivery was up 20 cents, or 0.3 percent, at $63.57 a barrel by 0646 GMT after settling down 14 cents.
"My aspiration is that since we (India) are material for BP, that might see 5-10 percent of BP's earnings coming from India," said Sashi Mukundan, regional president and country head.