Economy

Oil and Gas Companies on the Retreat

The combined effect of the massive decline in global oil and gas demand due to Covid-19 depressing the global economy, and the rapid drop in the oil price – due to unrestricted increase in production by Saudi Arabia and Russia and still high shale-oil production – are forcing the oil and gas companies on the retreat.

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  • 12:07Speaker Nabih Berri is currently meeting with Health Minister Hamad Hassan
  • 16:25AFP: President Trump says Putin will 'probably ask' for lifting of US sanctions during upcoming phone call
  • 16:24AFP: Colombian rebel group the ELN calls month-long ceasefire over coronavirus pandemic
  • 16:23AFP: Hungary parliament adopts rule-by-decree coronavirus bill giving PM Orban sweeping new powers
  • 15:53AFP citing official: Saudi Arabia to raise oil exports to record 10.6 million barrels per day from May
  • 15:52AFP: Israel PM Netanyahu and close aides placed under precautionary COVID-19 quarantine
  • 15:51AFP citing organisers: The postponed Tokyo Olympic will start on July 23, 2021
  • 13:35Reuters: Russia weighs nationwide coronavirus lockdown after Moscow acts
  • 12:52Spain's Health Ministry says coronavirus death toll in rose to 7,340, with 85,195 confirmed cases in the country
  • 12:51Health official: Iran’s coronavirus death toll has reached 2,757 with 41,495 confirmed cases
  • 12:41AFP: Measures to contain the coronavirus outbreak will slash German 2020 economic output by 2.8 to 5.4 percent before a rebound next year, according to a panel of economists who advise the government
  • 11:43Reuters: Netanyahu aide diagnosed with coronavirus, unclear if Israeli PM affected
  • 11:41Health Minister: Kuwait confirms five new coronavirus recoveries, bringing the total to 72
  • 11:40AFP tally: Global number of declared coronavirus cases tops 700,000
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