26 August
Saudi Arabia’s crude oil supplies to China dropped last month after it trimmed output following weak demand due to Covid-19 pandemic. In July, the kingdom exported 5.36 million tonnes of crude oil to China, Reuters reported citing data from the General Administration of Customs. In June, the figure was 8.88 million tonnes.
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The rate of crude processing at refineries in India dropped last month as Covid-19 cases continue to increase restricting the recovery. In July, the refiners processed around 17.68 million tonnes, Reuters reported citing the government data. The figure is nearly 2.5% less compared to the amount processed in June. The data also showed that the refiners operated at around 83.3% of their full capacity in July.
Seadrill, an offshore driller, has reported further fall in quarterly revenues amid Covid-19 crisis. In the quarter than ended in June, the company reported a revenue of $277m, a 14% fall from $321m recorded in 2020 Q1. The fall was due to lower management contract revenues. The net loss attributable to shareholders in the last quarter was $181m.
