Oil giants' production cuts come to 1 million bpd as they post massive writedowns
The world’s five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and slashed production rates as the coronavirus pandemic caused a drastic fall in fuel prices and demand.
Saudi Aramco's second-quarter net profit plunges 73.4% on lower oil prices
Saudi Arabian state oil group Aramco (2222.SE) on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had expected, hit by lower crude oil prices and declining refining and chemicals margins, as the coronavirus hit demand.