International

OTC announces 2020 Spotlight on New Technology Awards recipients

HOUSTON -The Offshore Technology Conference the 2020 recipients of the Spotlight on New Technology® Award. Eighteen technologies from 14 companies from around the world will be awarded this year, including six companies that will be recognized for the Spotlight on Small Business Award.

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Saudi Arabia’s Sabic Suspends All But Essential Spending

Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns pushed the company into a 950 million-riyals loss ($253 million) in the first quarter.

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Exxon Posts Historic Loss on Rout With Chevron in Retreat

Exxon Mobil Corp. posted its first loss in at least three decades and Chevron Corp. slashed $2 billion off its spending plan

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The Wave Of Shale Well Closures Has Finally Begun

U.S. shale oil producers have so far held up admirably, hanging on for dear life amidst the biggest oil demand collapse in history

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ConocoPhillips to sharply cut oil production as low prices hit earnings

ConocoPhillips said on Thursday it would sharply reduce oil output in coming weeks, aiming to shut 35% of its volume by June after weak energy prices led to a loss of $1.7 billion in the first quarter.

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The Pandemic Is Accelerating Coal’s Demise

You can add coal to the list of global commodities struggling during the pandemic. Prices haven’t yet turned negative (like oil), but coronavirus is accelerating the demise of the dirtiest fossil fuel.

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BP warns of exceptional uncertainty as crisis hits oil inventory value, output levels

BP warned Tuesday of "exceptional" uncertainty over oil and gas demand and a risk of long-term consequences from the current market turmoil

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South Korea Has Run Out of Commercial Storage Space for Oil

All of the around 38 million barrels of onshore commercial capacity owned by state-run Korea National Oil Corp

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