International

Venezuelas Oil Production Plunges to Lowest Level Since 1945

Oil production in Venezuela, the country with the world’s largest reserves of crude, has fallen to a 75-year low with U.S. sanctions continuing to cripple the country’s exports

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Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world’s largest economy

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Saudi Oil Cuts Take Seven Supertankers a Day Off the Market

Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June.

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Conoco to Bring Back Curtailed Oil Output in Response to Rally

ConocoPhillips said it will begin restoring curtailed oil production in July as crude prices rebound from their lockdown depths

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Shell Warns of Multibillion Writedown as Virus Curbs Oil Demand

Royal Dutch Shell Plc said it will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil.

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BP agrees to sell its petrochemicals business to INEOS for US$5 bln

UK’s BP has agreed to sell its global petrochemicals business to chemical giant INEOS for $5 billion as part of its strategic step to reinvent itself under new CEO Bernard Looney.

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Libyas Agoco to Resume Oil Output From Eastern Messla Field

Libya’s Arabian Gulf Oil Co. will restart production at the eastern field of Messla this week, according to a person familiar with the matter.

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Total Starts Up 2nd FPSO off Brazil

Total and its partners announce the start-up of the Floating Production Storage and Offloading (FPSO) P-70 of the Iara cluster (Block BM-S-11A), located in the deepwater Santos Basin pre-salt offshore Brazil.

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