BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
Saudi Aramco – the world’s most profitable company in 2019 – has posted a 25% drop in Q1 profits following the outbreak of COVID-19 and the subsequent collapse in oil demand and prices. Saudi Arabia’s state-owned oil giant made US$16.6 billion in the first three months...
US oil behemoths ExxonMobil and Chevron have pledged to reduce their oil output by a combined 800,000 barrels per day (bpd) following the destruction of global fuel demand and oil prices due to the COVID-19 outbreak. The companies announced cuts of up to 400,000 bpd in...
Renewable electricity will prop up global energy systems more than ever before this year following the COVID-19-induced collapse in demand for fossil fuels including oil, gas and coal. This assertion was made by the International Energy Agency (IEA) in its latest report on the global energy...
BP said yesterday it had amended financial terms of the US$5.6 billion sale of its Alaska business to privately owned Hilcorp Energy following the collapse in oil prices due to the COVID-19 outbreak. The original sale price will not be changed under the new terms, but...
US crude oil for May delivery has turned negative for the first time since trading records began, with oil producers forced to pay buyers to take the product over fears that storage capacity could run out next month. The COVID-19 (coronavirus) pandemic has destroyed oil demand...
Oil prices have fallen to their lowest point for over 20 years as demand continues to decline and global storage facilities approach full capacity while most countries remain in lockdown due to the COVID-19 (coronavirus) pandemic. US crude oil tumbled by almost 20% in early Monday...
Oil prices fell by 12% as markets reopened this week after Saudi Arabia and Russia made no progress towards ending their price war that has decimated the oil market, along with the COVID-19 (coronavirus) pandemic. Brent crude lost more than US$3 to trade at just over...
Saudi Aramco will cut capital spending in 2020 in light of the coronavirus (COVID-19) outbreak and it reported a 21% decline in net profit last year. The state-run oil giant said it expects capital spending to be between US$25-30 billion this year, compared to $32.8 billion in...
Royal Dutch Shell has announced it will work with Dutch gas infrastructure group Gasunie to deliver Europe’s biggest green hydrogen project in the Netherlands, powered by up to 10GW of offshore wind in the North Sea. The partners signed off on the NortH2 project in conjunction...