Oilfield services firm Petrofac has announced that it will reduce overhead and project support costs by at least US$100mn in 2020 and by up to US$200mn in 2021 as part of its response to the COVID-19 outbreak

The Abu Dhabi National Oil Company (ADNOC) is positioned to drive value for the UAE and will continue to invest responsibly to deliver on its 2030 smart growth strategy during this complex and challenging period

Following the coronavirus (COVID-19) outbreak, China, the world’s biggest importer of crude oil, has been forced to cut down on consumption

The rates for chartering very large crude carriers (VLCCs) has surged exponentially due to a spike in demand for long-term offshore storage of crude oil following OPEC’s disagreement with Russia over the impact of the coronavirus (COVID-19) and the resulting oil price crash, according to data and analytics company GlobalData

Crude prices has climbed as more producers announced production cuts, but remained near 18-year lows as the coronavirus pandemic continued to weaken demand