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Tag Archives: Oil industry

Oil industry paints grimmer picture of pandemic’s harm to demand

Oil worker. Pipes

REUTERS, SEPTEMBER 14, 2020 SINGAPORE/LONDON/NEW YORK (Reuters) – Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the global economy. The novel coronavirus hammered fuel demand in the spring, causing consumption to drop by more than one-third as billions of people worldwide restricted their movements. Consumption …

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Exclusive: Exxon downsizes global empire as Wall Street frets about dividend

An Exxon sign is seen at a gas station

REUTERS, SEPTEMBER 8, 2020 HOUSTON (Reuters) – Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to …

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Houston oil services firm Schlumberger Cutting 21,000 Jobs

Blue sign. Schlumberger

PortandTerminal.com, July 24, 2020 Schlumberger, the world’s largest oil-field services company, is cutting about 21,000 jobs as oil producers slash spending in response to a historic drop in prices amid the coronavirus pandemic. HOUSTON – Houston-based oil services firm Schlumberger is cutting 21,000 jobs as it implements a reorganization in response to one of its worst quarters in decades.  The …

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The World’s Oil Refining Industry Is in Pain Like Never Before – Bloomberg

Oil refinery. Chain link fence. Smoke stacks

BLOOMBERG, JULY 6, 2020 OPEC+ production cuts have driven up crude oil prices | End-user demand for transport fuels remains very subdued By Barbara J Powell and Jack Wittels for Bloomberg – Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And …

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Shell to write down up to $22b after COVID hit. Expects 40% drop in sales 2nd Qtr

Shell oil drilling rig at sea. Helicopter

REUTERS, JUNE 30, 2020 LONDON – Royal Dutch Shell (RDSa.L) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook. The impairments follow the Anglo-Dutch company’s decision to shift from fossil fuel and reduce its greenhouse gas emissions to net-zero by 2050, …

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Extinction Rebellion isn’t asking. They’re demanding and putting big oil on notice

Large group of protestors carrying banner that reads "Rebel for Life"

PortandTerminal.com, January 7, 2020 Police in Scotland arrested protesters with an environmental group called Extinction Rebellion after they boarded an oil jack-up rig to protest it leaving for the North Sea. The group has 3 demands. DUNDEE, SCOTLAND – Three environmentalists from a group called Extinction Rebellion climbed aboard a jack-up rig in Scotland and stayed on it for five …

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