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September 22, 2020

Coronavirus company news summary – Shell to slash oil and gas spending – Axora launches platform to assist recovery

By Jessica Paige

22 September

Royal Dutch Shell is planning to reduce its oil and gas expenditure to increase its investment in renewable energy and power markets. According to a Reuters report, the review is expected to be completed this year and aims to reduce up to 40% of its oil and gas production spending. Last year, Shell’s overall operating costs amounted to $38bn.

India’s crude imports fell by 23.4% last month on a year-on-year basis amid increase in Covid-19 cases in the country. In August, imports slipped to 15.15 million tonnes or 3.58 million barrels per day (bpd), Reuters reported citing government data. However, the figure represents a jump from 13.79 million tonnes, or 3.26 bpd, reported in July this year.

Axora has launched an online Oil and Gas Resource Centre to assist companies to recover from the impact of Covid-19 pandemic. The centre is developed to provide the companies with latest industry insights as well as access to digital solutions and technologies to support business growth and trim investment.

Barclays Commodities Research has increased its oil price forecast for this year as it expects limited potential downside to the demand outlook. According to Reuters, the company increased its Brent and US West Texas Intermediate (WTI) price forecasts to $43 and $39 per barrel, respectively. This comes after OPEC announced that it will undertake punitive measures against members which will violate the agreed output cut deal.

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