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July 8, 2020

Coronavirus company news summary – Iran slashes oil production as stocks surge – Algeria seeks to transform oil-reliant economy

By Jessica Paige

8 July

Iran has trimmed oil production to the lowest level in four decades, Reuters reported citing industry data. The production fell as stocks increased due to plummeting exports caused by the Covid-19 pandemic and other sanctions on Iran. A Reuters OPEC survey estimates that Iran’s crude production was around 1.9 million bpd last month.   

Algeria is preparing to introduce a new economic plan that seeks to reduce dependence on oil and gas sector. The move comes after the Covid-19 pandemic reduced oil prices, which in turn led to a significant drop in revenue delaying several projects. The new economic plan is expected to receive government approval in the coming days.

The Occupational Safety and Health Administration (OSHA), an agency of the US Department of Labor, has issued a Covid-19 guidance for oil and gas workers. The guidance requires companies to implement social distancing protocols at work places, ensure adequate ventilation, provide protective gear to workers and implement staggered timings to reduce contagion risks.

According to a Reuters report, Canadian oil companies have taken a cautious approach despite an improvement in oil prices. Most of the companies have trimmed operating expenses and seek to hold it at reduced levels. Crude prices are now hovering at around $40 a barrel from negative levels recorded in April.

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