Wednesday, November 20, 2024
Exxon taps brakes on Permian Basin after virus hammers oil- oil and gas 360

Exxon taps brakes on Permian Basin after virus hammers oil

Houston Chronicle Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices. The U.S. energy giant will cut Permian production growth by about 10% over the next two years, the company said

OPEC backs biggest oil cut since 2008 crisis, awaits Russia-oil and gas 360

OPEC backs biggest oil cut since 2008 crisis, awaits Russia

Reuters VIENNA  – OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in. Russia and Kazakhstan, both members of the broader and informal group known