The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep enough to create a monthly deficit starting from June 2020 and continuing uninterrupted until at least the end of next year, a Rystad Energy analysis shows.

On Thursday, President Trump signed an executive order that guts environmental protections for new mines and pipelines, using an “emergency” declaration.

Small shale producers and offshore drillers are among stocks soaring after the wider OPEC+ group agreed over the weekend to extend its record output curbs.

China’s crude imports soared to an all-time high last month, capping an astounding rebound in oil demand after the nation’s economy was flattened by lockdowns to contain the coronavirus pandemic.

Libya took another step toward reviving its moribund oil industry by restarting production at a second important field after a five-month halt.

BP Plc plans to cut 10,000 jobs as the coronavirus pandemic accelerates the company’s move to slim down for the energy transition.

Occidental Petroleum Corp. is reviewing options for its Middle Eastern assets as it seeks ways to reduce its debt pile, people familiar with the matter said.

COVID-19 has turned life upside down. Birthdays are celebrated over Zoom or from the end of a driveway, bars and restaurants stand empty, and many streets are eerily quiet. Yet, we carry on – largely due to the great efforts of health and other frontline workers – and also thanks to our critical energy infrastructure and those that build and maintain it.

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 284, with the total oil and gas rigs sitting at 691 fewer than this time last year.

Aging offshore oil wells that once brought market prominence to Europe, the U.S. Gulf and Brazil are increasingly money losers that companies want shut down amid low oil prices and a struggling global economy. But the effort won’t be cheap.