International

Saudi Arabia to take on billions in debt to survive the oil price crisis

Saudi Arabia may have to borrow as much as $58 billion this year to cover a budget shortfall caused by the oil price slump

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Eni Reports 94% Slump in Profit, Cuts Production Forecast

Eni SpA reported a 94% drop in first-quarter profit and cut its production forecast for the year as demand is crushed by the coronavirus pandemic.

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Saudis join three other OPEC+ nations cutting output early

Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.

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Bahri’s net profit soars 134% in first quarter despite COVID-19 challenges

Bahri, a global leader in logistics and transportation, on Wednesday reported strong growth in net profit during the first quarter of 2020 despite challenges posed by the global COVID-19 pandemic. The increase in quarterly earnings was driven by a significant improvement in the performance of the company’s business units resulting from a rise in freight rates and strong demand for oil transportation.

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Oil Extends Recovery From Selloff But Angst Over Glut Lingers

Oil extended its recovery from Monday’s plunge below zero but remained under intense pressure from a swelling global supply glut.

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Ships, trains, caves: Oil traders chase storage space in world awash with fuel

Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.

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Oil Jumps in Early Asia Trading After Two Days of Huge Selloffs

Oil surged 10% in early Asia trading after two days of historic routs.

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BP’s CHPC supercomputer mobilized to assist in coronavirus research

BP is joining forces with the US government, universities, and the world’s largest technology companies by providing access to its supercomputer to help researchers halt the spread of COVID-19.

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