Saturday, January 11, 2025
OPEC sees gradual oil demand recovery, makes 84% of cuts in May-oil and gas 360

OPEC sees gradual oil demand recovery, makes 84% of cuts in May

Reuters LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand would decline by 6.4 million barrels per day (bpd) in

360 News Desk EXCLUSIVE: Murphy Oil Reduces CAPEX, Sees 4-% Reduction in Expenses Y/y

Oil and Gas 360 Publishers Note: Written By Michael Tanner – email: mtanner@enercominc.com Capital expenditures were reduced by an additional $40m following 1Q results, Murphy Oil Corp. said in a presentation on its website. Other items of note: CAPEX down 50% from 2020 original forecast General Expenses to drop 40% after staff cuts and board compensation adjustment Produced resumed in June