Crude posted its first weekly gain in a month as global production cuts start to lift physical markets.
Futures in New York rose 17% this week. Oil companies have announced major production closures with Chevron Corp saying it will shut as much as 400,000 barrels of daily output and Exxon Mobil Corp reporting it will cut rigs in the Permian Basin by 75% by the end of the year. Concho Resources Inc said it is curtailing about 4-5% of its production.
At the same time, OPEC's pledge to trim s ....
04 May 2020
Cenkos: Oil & Gas Sector -- 88 Energy, Falcon Oil & Gas, UK Oil & Gas Plc, Empyrean Energy, Ithaca Energy, Hurricane Energy, Neptune Energy, ExxonMobil Corporation, Chevron Corporation, Royal Dutch Shell, BP Plc, Savannah Energy, Seplat Petroleum Developme
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Cenkos: Oil & Gas Sector -- 88 Energy, Falcon Oil & Gas, UK Oil & Gas Plc, Empyrean Energy, Ithaca Energy, Hurricane Energy, Neptune Energy, ExxonMobil Corporation, Chevron Corporation, Royal Dutch Shell, BP Plc, Savannah Energy, Seplat Petroleum Developme
Falcon Oil & Gas Ltd. (FOG:LON), 6.6 | 88 Energy Limited (88E:LON), 0.2 | Diversified Energy Company PLC (DEC:LON), 1,094 | Empyrean Energy PLC (EME:LON), 0.5 | Trinity Exploration & Production Plc (TRIN:LON), 39.0 | Barryroe Offshore Energy PLC (PVDRF:OTC), 0
- Published:
04 May 2020 -
Author:
James McCormack -
Pages:
8
Crude posted its first weekly gain in a month as global production cuts start to lift physical markets.
Futures in New York rose 17% this week. Oil companies have announced major production closures with Chevron Corp saying it will shut as much as 400,000 barrels of daily output and Exxon Mobil Corp reporting it will cut rigs in the Permian Basin by 75% by the end of the year. Concho Resources Inc said it is curtailing about 4-5% of its production.
At the same time, OPEC's pledge to trim s ....