The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and the cost cutting measures implemented over the past three years should allow companies to turn a profit even though crude trades for about half of what it did back in 2014.

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Saudi Arabia wants oil prices to rise to US$60 a barrel this year – a level that would motivate new investments but will not encourage U.S. shale boomers to up production, according to OPEC sources quoted by Reuters.

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