The British giant said it slumped into a u$s4.4-billion net loss in the first quarter as the coronavirus pandemic crushed demand for oil. “Our industry has been hit by supply and demand shocks on a scale never seen before,” BP’s CEO stated

Anglo-Dutch oil giant Royal Dutch Shell pledged to become carbon neutral by 2050, matching a commitment by rival BP as climate change looms large over the energy sector

The figure represents a decrease of 20% compared to the previous year, due to the inconveniences that the state oil company and the sector faced during the past year

British energy giant slashed its planned spending for 2020 by one quarter and announced a 1.0-billion dollars hit from collapsing oil prices as the coronavirus outbreak destroys demand

US President Donald Trump invited US oil executives to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia