Venezuela's President Nicolas Maduro on Saturday announced a hike in gasoline prices after two decades of frozen values at the pump, as part of a system to fill vehicles and motorcycles with subsidized fuel up to monthly quotas and pay internationally indexed prices over those levels.
Heavier oils from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid a large glut of unsold cargoes.
Chevron is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic.
Oil prices edged lower on Friday after U.S. inventory data showed a weaker fuel demand in the country. Brent crude dropped 25 cents to $35.04 a barrel, while US West Texas Intermediate (WTI) crude was down 53 cents at $33.18 a barrel, Reuters reported.
Oil prices rose on Monday, erasing earlier losses, as countries around the world continued to ease lockdown measures imposed to combat the coronavirus pandemic, boosting hopes for a recovery in fuel demand.
Output cuts by OPEC producers to ease supply glut fears and falling US crude stocks have edged oil prices higher.
Oil prices jumped on Monday, with both U.S. and Brent benchmarks on track for their highest settles in two months, supported by optimism about resumption in economic activity and steady output cuts from major producers.
Due to support from ongoing output cuts by OPEC, oil prices have increased by over $1 per barrel to the highest level in more than a month.
Oil prices rose on Monday after the Energy Minister of Saudi Arabia, Abdul Aziz Bin Salman announced the Kingdom’s plan to further cut its oil production by one million barrels per day (bpd) in a bid to reduce surplus oil in the international market.
As Saudi Aramco battles with the dramatic slide in crude prices and cratering global demand, the state-owned oil giant has witnessed a 25% fall in net income for the first quarter.