Algeria energy minister and OPEC president said on Tuesday OPEC+ countries will discuss new “substantial” oil production cuts at their meetings in Vienna this week, Algerian state news agency APS reported.
Chevron will stick to the previously announced capital spending plan of $19 billion to $22 billion annually through 2024, setting it apart from chief U.S. rival Exxon Mobil, which is spending heavily to boost production. Chevron plans to distribute as much as $80 billion in cash to shareholders over the next five years, Wirth added. The top U.S. shale field will continue to drive Chevron’s oil growth, and the company expects “sustained production over 1 million barrels per day in the Permian through 2040 at relatively flat activity levels,” said Jay Johnson, executive vice president. …read more […]
The European Central Bank is preparing possible measures to provide liquidity to businesses hit by the economic fallout of the coronavirus outbreak, three sources familiar with the discussion told Reuters.
There is no need for any imminent action from the European Central Bank to combat the impact of the coronavirus outbreak, but global coordination to shield the world economy is a welcome step, ECB policymaker Peter Kazimir said on Tuesday.
Stock market volatility should remain high as long as the economic data lacks clarity. …read more […]
New electric models will help BMW and Daimler cut emissions from the cars they sell by an average of 20% this year, the German automakers predicted on Tuesday, as they strive to meet tough new European pollution rules.
Headlines moving the stock market in real time. …read more […]
The bosses of Ryanair and British Airways-owner IAG expect the drop-off in travel demand to stabilize in the coming weeks, before bookings return for the summer, they said at a conference on Tuesday.
Chevron Corp said on Tuesday it could return as much as $80 billion to shareholders over five years even if oil prices remained low.
The worst is still to come for the airline industry in terms of economic damage from the coronavirus outbreak, European carrier bosses warned on Tuesday, but they predicted that travel demand could stabilise in the coming weeks.
Impossible Foods on Tuesday announced an average of 15% cut in vegan product prices to distributors in the United States and asked them to pass it on to restaurants as the plant-based meat maker competes against beef products.
Bank of England Governor Mark Carney said policymakers around the world are working on a “powerful and timely” response to the economic hit from coronavirus which has raised fears of a new global recession.
Chevron and other energy companies have pledged to curb spending after the collapse in oil prices earlier this decade forced many to borrow to cover costs of long-term projects. The oil major said it had the potential to distribute between $75 billion and $80 billion over the next five years and would maintain its capital spending in a range of $19 billion to $22 billion annually through the period. “We remain focused on a returns-driven approach to capital allocation, investing in lower-risk projects,” Chief Financial Officer Pierre Breber said. …read more […]
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