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Oil majors deepen 2020 spending cuts, lower oil, gas output forecast

Oil majors deepen 2020 spending cuts, lower oil, gas output forecast

Energy
With many oil majors suffering huge losses in the first quarter as a result of the effect of the coronavirus pandemic, operators are beginning to look in the direction of lower operating expenses and output forecast. Indeed, the output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related movement restrictions that have led to a surge in supplies and a collapse in crude prices to levels not seen in more than two decades. The cumulative output for Exxon Mobil, Chevron, Royal Dutch Shell, BP and Total will drop to the lowest since at least 2003, based on Refinitiv data. Total, on Tuesday, announced a deepening of capital spending cuts and a likely 5% reduction in its upstream oil and gas output in 2020 from its previous forecast, while also highligh...