International

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.

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

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

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.

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.

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

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

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