Repsol Feels The Pinch

Spanish major Repsol YPF has announced a 57% fall in its first quarter net income thanks to lower crude prices. Following a now established trend among oil majors, Repsol's earnings reflected the 54% year-on-year (y-o-y) fall in the Madrid-based majors average realised liquids price from US$86.5 per barrel (bbl) in Q108 to US$39.6/bbl in Q109.

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