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COVID-19 - News digest as of 04.09.2020

September 04/2020

1. ExxonMobil weighs global job cuts after unveiling Australian lay-off plan

MOSCOW (MRC) -- ExxonMobil Corp is assessing possible worldwide job cuts, a spokesman said, after the company announced a voluntary lay-off program in Australia, according to Hydrocarbonprocessing. Exxon is the latest oil major to embark on axing jobs spurred by a historic collapse in fuel demand because of the coronavirus pandemic. The company has slashed capital spending this year by 30% to around USD23 billion and said in August it planned both capital and operating expense cuts to defend its dividend after reporting losses in the first and second quarters.

2. Saudi Aramco slows diversification plans amid industry downturn

MOSCOW (MRC) -- Oil company Saudi Aramco is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden, reported Reuters with reference to the Wall Street Journal, citing people familiar with the matter. Aramco will review a USD6.6 billion plan to add petrochemical output at its Motiva refinery in Texas, as well as a big natural-gas project with Sempra Energy in the same state, according to the report. The state-run company is also pausing investments in refineries in China, India and Pakistan, the WSJ said. Oil companies globally have been cutting spending across the board to shore up cash as the industry contends with a realization that lower crude prices could be the norm for a long period of time after the COVID-19 pandemic sapped fuel demand.

3. Oil prices at one-month low on demand worries

MOSCOW (MRC) -- Oil prices extended losses, falling by more than 2% to their lowest point since early August, as worries about weaker US gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment, reported Reuters. Brent crude LCOc1 fell USD1, or 2.25%, to USD43.43 a barrel by 1118 GMT. US West Texas Intermediate (WTI) crude CLc1 futures were down USD1.02, or 2.5%, at USD40.49 a barrel.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Exxon Mobil, Saudi Aramco, COVID-19, India, China, Pakistan, Saudi Arabia, USA.
Category:General News
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