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oil production

BP cuts dividend and plans to slash oil production by 40%

2 mins read

The FINANCIAL — BP to cut down on oil spending and focus on clean energy as a part of a major strategic overhaul revealed on Tuesday, together with a major second quarter loss and dividend cut. BP introduced a new strategy that will reshape its business as it pivots from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers. BP (BP.L) cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over…

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BP cuts dividend and plans to slash oil production by 40%

2 mins read

The FINANCIAL — BP to cut down on oil spending and focus on clean energy as a part of a major strategic overhaul revealed on Tuesday, together with a major second quarter loss and dividend cut. BP introduced a new strategy that will reshape its business as it pivots from being an international oil company focused on…

OPEC Pushes for oil production slash but will Russia agree?

2 mins read

The FINANCIAL — With oil prices down more than 20% since the start of the year as the economic impact of the coronavirus saps oil demand. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 million barrels per day (bpd) in the second quarter. Oil traders fear demand for…