Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending.
U.S. stock index futures sank on Wednesday following stark predictions of a rising U.S. death toll and economic damage from the coronavirus outbreak, a day after the S&P 500 ended its worst quarter since the 2008 financial crisis.
Factories fell quiet across most of Europe and Asia in March as the coronavirus pandemic paralyzed economic activity, with evidence mounting that the world is sliding into deep recession.
BP cut its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the corononavirus outbreak, it said on Wednesday. “This may be the most brutal environment for oil and gas businesses in decades,” CEO Bernard Looney said in a statement. The London-based company said it plans to spend $12 billion this year, joining its peers that have announced cuts of around 20% in annual spending on average. …read more […]
The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
Ex-Obama official says President Trump should take more of a military approach to the outbreak. …read more […]
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.
World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities.
Oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.
Glencore’s chrome joint venture in South Africa with Merafe Resources has declared force majeure on qualifying contracts after a nationwide lockdown forced operations to shut, a Merafe executive said.
(Bloomberg Opinion) — Here’s another factor to add to the gyrations in the gold price over the past few weeks: The biggest players in the market may be losing their buying appetite.Russia’s central bank, one of the world’s largest gold buyers in recent years, is halting all purchases of the metal. It’s not alone: Uzbekistan and Kazakhstan, whose central banks have also been reliable consumers of late, have also slowed down. Rolling three-month additions to official sector gold holdings (those held by central banks and international institutions such as the International Monetary Fund) in January amounted to just 67 metric …read more […]
(Bloomberg) — The British banking regulator pressed firms including HSBC Holdings Plc to scrap dividends and cash payouts for its top staff as the coronavirus pandemic upends the industry.HSBC and Standard Chartered Plc shares tumbled after they and Royal Bank of Scotland Group Plc, Barclays Plc and Lloyds Banking Group Plc canceled outstanding dividends and buybacks and said there would be no payments in 2020.The move comes as the Prudential Regulation Authority wrote to lenders asking them to cancel payments, adding that it “expects banks not to pay any cash bonuses to senior staff, including all material risk takers.” The …read more […]
French supermarket retailer Carrefour and Uber Eats announced a new delivery service on Wednesday, aimed at helping Parisians buy essential goods and food during the nationwide lockdown triggered by the coronavirus crisis.
Driving to work at his factory to the west of London last week, designer Steve Brooks had coronavirus on his mind. What could he make that would let him open a door without touching the handle?
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