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May 26, 2020

Coronavirus company news summary – First infection on Kazakhstan field – India to use US storage

By Matt Farmer

26 May

The Karachaganak field, one of the biggest gas condensate fields in Kazakhstan, has reported its first Covid-19 case. According to Reuters, authorities there have tightened lockdown measures following the detection of coronavirus to limit the spread of the disease. However, production is currently unaffected.

Malaysian oil and gas company Petronas has registered a revenue of $13.66bn (RM59.6bn) in the first quarter of this year. The figure represents a 4% fall from $14.2bn (RM62bn) recorded in the same period a year ago. The company primarily attributed the fall to lower prices of LNG, petroleum products and crude oil.

According to media reports, India is planning to store low-priced oil in US facilities as domestic inventory is full. Oil demand in India has significantly dropped due to Covid-19 crisis. India imports nearly 80% of its oil requirements.

Russia expects oil demand and supply will balance in the next two months, the country’s energy ministry tweeted citing minister Alexander Novak. Recently, Russia joined Middle-Eastern countries in cutting oil production after oil prices crashed.

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