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October 19, 2020

Coronavirus company news summary – Schlumberger revenue slumps by 38% – OPEC+ cautious about oil surplus next year

By Jessica Paige

19 October

Leading oilfield service company, Schlumberger announced losses for the third straight quarter due to decrease in oil prices and demand amid the Covid-19 pandemic. The total revenue of the company fell by 38% to $5.26bn. The 2020 earnings of Schlumberger dropped to $1.16bn from $2.85bn in 2019 as the global oil prices declined by 36% for the year.

Taqa, a North Sea oil and gas company, sent more than 50 of its workers into isolation to curb the potential spread of coronavirus. The labourers came in contact with seven Covid-19 positive workers from the Brae platform, while travelling together in helicopters.

OPEC and its partners are apprehensive about a surplus in the oil market in 2021 due to a second wave of Covid-19 and an increase in oil production in Libya, according to a Reuters report. The Joint Technical Committee of OPEC+ countries discussed on how the potential surplus situation could jeopardise the organisation’s plans to reduce oil cuts made in 2020 and increase oil production by two million bpd next year.

Demand for diesel in India has exceeded expectations in the first half of the month as the government lifted coronavirus lockdown restrictions. The diesel demand increased by 9% in the first 15 days of October from corresponding period last year and by 24.5% from September.

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