We project solid global demand growth in 2016 (1.4 million barrels per day), and a reasonable growth in 2017, mostly driven by China, India and Africa. As such, demand should help to drive prices higher.

to 2.53 million barrels of oil equivalent per day (boe/d).

The loss in Chevron’s largest segment, which produces oil and natural gas, widened to $2.46 billion as the company lost money both in the United States and internationally.

In the refining division, profit tumbled both domestically and internationally due in part to an industrywide oversupply of fuel and other refined products.

California-based Chevron said it was reining in costs, cutting $6 billion from its capital budget and operating expenses during the first six months of the year.