Brazil’s state-run oil company reported a steep net loss for the first quarter of the year and warned more heavy losses were on the horizon because of the coronavirus pandemic

International Energy Agency (IEA) Executive Director Fatih Birol said that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand

OPEC+ meets next in early June to decide on its output policy. Under the deal, the exporting group is set to scale back the cuts to 7.7 million barrels per day from July until December

Energy giant Saudi Aramco posted a 25% slump in first-quarter profits and said the coronavirus crisis which triggered a crash in oil prices would weigh heavily on demand in the year ahead

The Saudi Arabia energy ministry has directed Aramco to reduce its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of the reduction already committed under the OPEC+ deal

The Gov’t reaffirmed the need to set a reference price for the local oil barrel in order to facilitate investments in the sector once the coronavirus pandemic comes to an end

The bank raised its second-quarter 2020 Brent price forecast to $25 per barrel from $20 previously, while also slightly raising its full-year forecast for Brent to $35.8 per barrel from $35.2

Total announced its quarterly profit fell by 99% because of dropping oil prices and announced it would slash investments in response to ongoing turmoil in crude markets

Shell also suspended the next tranche of its share buyback programme and said it was reducing oil and gas output by nearly a quarter after its net profit almost halved in the first three months of 2020

The British giant said it slumped into a u$s4.4-billion net loss in the first quarter as the coronavirus pandemic crushed demand for oil. “Our industry has been hit by supply and demand shocks on a scale never seen before,” BP’s CEO stated