9 October

OPEC has cut its long-term global oil demand forecast because of Covid-19’s ongoing impact on the economy. The trading bloc said global oil demand will rise to 107.2 million barrels per day (bpd) in 2030, from 90.7 million bpd this year. This stands at around 1.1 million bpd below its 2030 prediction made last year, reported Reuters. OPEC also highlighted that the increase in home working will affect future demand.

Spanish gas and electricity group Naturgy has reached an agreement to renegotiate gas contracts with Sonatrach, an Algerian state-owned company. The new agreement revises prices, volume and duration arrangements. This comes after the Covid-19 pandemic weakened demand, prompting several companies to renegotiate supply deals. Naturgy also plans to renegotiate supply deals with other companies.

Chevron workers are being asked to reapply for jobs as part of a global restructuring process, according to Reuters. The company is reorganising its operations in order to reduce costs and boost profits. This reorganisation would cut up to 15% of its workforce, but it was not confirmed how many employees were asked to reapply. Earlier, Chevron booked a $1bn charge to cover severance pay for workers affected by the restructuring.