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June 4, 2020

Coronavirus company news summary – KrisEnergy suspends production – Saudi Arabia and Russia agree to extend oil cuts

By Jessica Paige

4 June

Singapore-based KrisEnergy has decided to suspend production at the Wassana oil field in the Gulf of Thailand indefinitely due to fall in petroleum demand and ongoing Covid-19 pandemic. As a result, the company will trim its workforce in Thailand by 25%. However, operations at the company’s remaining assets will continue as usual.

Major oil producers Saudi Arabia and Russia have reached a preliminary deal to extend ongoing oil output cuts by one month, Reuters reported citing sources familiar with the matter. Earlier, OPEC+ members agreed to trim output by 9.7 million barrels per day to revive oil prices.

China’s oil demand has rebounded and recovered to more than 90% of the levels witnessed before the Covid-19 pandemic. Oil demand is also expected to grow in the third quarter of this year in other countries following the relaxation of widespread lockdowns and restrictions, reported Reuters.

Adipec, a conference of oil and gas professionals, has urged offshore oil and gas industry to leverage digital technology to expedite recovery following the Covid-19 impact. The use of new technology will also help in creating more sustainable businesses and attract new talent, it added.

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