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July 22, 2020

Coronavirus company news summary – Algeria anticipates $10bn revenue fall – Iraqi crude exports increase

By Jessica Paige

22 July

Algerian energy minister Abdelmadjid Attar told state radio that the government is anticipating a $10bn drop in oil and gas revenue this year as Covid-19 pandemic dampened the crude market. In 2019, the OPEC member generated $33bn in revenue from the oil and gas sector.

Crude oil exports from Iraq has increased this month, Reuters reported citing shipping data and industry sources. In the first 20 days of the month, Southern Iraqi exports averaged 2.70 million bpd. The data indicates that Iraq is yet to fulfil its pledge under the OPEC-led supply cut deal. Earlier, the oil cartel members agreed to trim output to revive crude prices affected by Covid-19 crisis.

Brazil’s Petrobras has produced 2.802 million boepd in the second quarter of this year, a 3.7% fall from its production in the first three-month period. In a securities filing, the company said that Covid-19 outbreaks at several platforms impacted its production. However, the figure represents a 6.4% increase from the same period last year.

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