The offshore drilling market is set to be one of the worst-hit in the oil price crash and demand collapse, as companies are reassessing drilling programs and canceling or halting offshore contracts, IHS Markit said in its latest Offshore Marine Monthly analysis on Monday. Demand for offshore
The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse. With oil demand crashing in the lockdown and storage capacity filling up
Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities. Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil
This week began with a bang for the oil markets. On Sunday the members of OPEC+ struck a historic deal to slash production by a whopping 9.7 million barrels in May and June in an attempt to rescue oil prices from the depths of the
Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store
Much of the $350 billion in the Small Business Administration’s emergency coronavirus relief fund was effectively spoken for within the first minutes of launch, according to senior banking executives. “We didn’t even get through the first five minutes of applications,” a JPMorgan Chase senior banking executive said.
JPMorgan Chase & Co JPM.N could consider suspending dividend for 2020 due to the ongoing coronavirus crisis, Chief Executive Officer Jamie Dimon said on Monday, even as the bank rolled out relief measures for customers and small businesses. The No.1 U.S. bank by assets could look at
Southwest Airlines Co LUV.N has approached unions representing pilots, flight attendants, mechanics and other employees to discuss potential concessions to prepare for a slow industry recovery, a company official told Reuters on Thursday. Southwest, with about 60,000 employees, is set to receive $4 billion in federal payroll