16 June

BP is planning to slash up to $17.5bn from the value of its oil and gas assets after an internal review trimmed crude price forecasts due to Covid-19. The British oil major predicted that oil prices will hover around $55 a barrel until 2050. The figure is 30% less than the previous assumption of $70.

According to a Reuters report, Chesapeake Energy is planning to file for bankruptcy soon amid the Covid-19 crisis. The company is currently in the final stages of negotiation to procure a $900m debtor-in-possession loan, which will help the company to manage operations when it in under administration.

Yemen, a war-torn country in the Middle-East, is planning to raise oil production by 25%. Yemeni energy minister Aws Abdullah al-Awd told Reuters that the country aims to increase production to 75,000 barrels per day in the upcoming months. The government controls the eastern and southern areas of the country, where key oil fields are located.

Iraq and major oil companies operating in the country have agreed to further trim crude production as Covid-19 pandemic reduced global oil demand. The decision comes after OPEC, Russia and other oil producers agreed to extend oil production cuts until the end of next month.