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

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