The Problem With OPEC's Production Cut
While the market waits for the critical OPEC+ production cut deal to kick in, early data on OPEC’s April production suggests that it hit 13-month highs in April--30.25 million bpd. This is the second production cut the company announced in the last couple of weeks.
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Iraq cuts oil exports to Asia
Iraq cuts oil exports to Asia
Iraq, OPEC’s second-biggest producer and the least compliant member in all previous rounds of cuts, has told some of its Asian oil buyers that it would not send the full contractual volumes requested for June, traders who were informed of the measure by Iraq’s state oil marketing company SOMO told Bloomberg on Wednesday.
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Oilprice
Saudi Arabia introduced new rules for salary cuts
Saudi Arabia has introduced a new set of rules to cap the wage cut at a maximum of 40%. Saudi newspaper Okaz said that the Saudi Ministry of Human Resource and Social Development has linked the salary cuts to a proportional cut in the working hours. Two conditions are, a direct impact of coronavirus on the organization, secondly, the wage cut should be commensurate with a cut in working hours
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Gulfnews
The bankruptcy wave in the oil sector
US oil prices have imploded by three-quarters since early January, to just $15 a barrel. The crash was driven by excess supply, and unprecedented collapse in demand because of the coronavirus pandemic. The bankruptcy wave has already started. Earlier this month Whiting Petroleum filed for bankruptcy, marking the first high profile Chapter 11 filing of the current crisis. Diamond Offshore Drilling joined the bankruptcy club on Sunday
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CNN
Why Shares of Boeing Are Climbing Today
The results, as expected, were lousy, but investors were encouraged by production rate cuts that were less than feared and management actions to streamline the company and prepare for a commercial aerospace downturn. CEO David Calhoun said in a statement that the pandemic "is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability."
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Google