Tag: PRICE DROP

Exxon Mobil reports huge 2020 loss as changes draw mixed reviews

Exxon Mobil closed the books on a terrible 2020, reporting losses in the fourth quarter and the full year in the wake of lower oil prices amid the COVID-19 crisis

OPEC chief optimistic about 2021 recovery but uncertainty remains

OPEC’s secretary general said there were grounds for optimism that 2021 would be a year of recovery after the slump in oil prices and demand caused by the pandemic

Barkindo: OPEC+ will ensure oil prices do not plunge again

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected

OPEC+ approve biggest-ever oil cut to support prices

OPEC+ said it had agreed to reduce output by 9.7 million barrels per day for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the price decline

OPEC+ meeting over oil price collapse delayed

OPEC+ works on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the US

BP cuts spend by quarter as virus slashes oil demand

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

Donald Trump seeks for solutions to oil crisis

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

Saudi Arabia to raise oil exports to record levels from May

Saudi Arabia announced it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia