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

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

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.

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

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.

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.

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.

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.