Crude Oil News

Oil prices collapsed this year as the coronavirus pandemic slammed global demand and restricted travel across the world.

In the Permian, where it became the largest operator through the Anadarko purchase, shale output will drop 37% this year, it said.

Since Aug. 1, the companies have taken back 2.2 million barrels of oil of the 23 million barrels they agreed to store in the Strategic Petroleum Reserve, or SPR, from April through June.

Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months.

BP earlier this month cut its dividend for the first time in a decade after a record second-quarter loss, while Royal Dutch Shell in April cut its dividend for the first time since World War Two.

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both said they were willing to restart talks on a deal to cover the rest of 2020.

The refineries’ combined crude oil throughput will range between 340,000 and 370,000 bpd in the third quarter.

Attractive pricing and lower freight rates have also supported demand for the Russian fuel oil.

It also cut its full-year capital expenditure to $1.2 billion from $1.3 billion.

Still, recent declines in the U.S. dollar have supported higher oil prices.