As oil prices fell in the second half of last year, oil companies’ shares suffered. But few were as badly bruised as the partially-listed national oil companies that had been investors’ favourites until the end of the commodity’s decade-long climb.
National oil companies’ shares fell 64 per cent in 2008, as investors moved away from companies with huge potential and back to those with strong cashflow. By comparison, shares in international oil companies – which have more varied portfolios covering everything from exploration to refining and marketing – lost 34 per cent.
