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.
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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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