U.S. shale producers are seeking sharp service costs cuts to deal with plummetin...
BENGALURU/DENVER - U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry’s desperate efforts to cope with a market dive.
This week’s oil market crash, brought on by weakening demand from coronavirus and a price war triggered by Saudi Arabia and other big producers pumping full bore, are behind the urgent plea, Dell-Osso said.Parlsey on Monday was among the first oil companies to disclose a big reduction in spending plans, saying it will halt a fifth of its 15 drilling rigs by April.
But several oil producers have been asking for 25% price cuts and have won concessions, said James West, a senior managing director at investment bank Evercore ISI.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
How Selena Quintanilla’s Family Is Keeping Her Memory Alive 25 Years After the Singer’s Murder“When Selena passed away, I told my family that I was going to try to keep her memory alive through her music,” Selena's father Abraham tells PEOPLE
Baca lebih lajut »
25 Jewelry Brands to Bookmark on InstagramAn endless scroll of covetable hoops and chains.
Baca lebih lajut »
This ‘Versatile Summer Staple’ Just Jumped Up 2,500% in Popularity on Amazon — and It Comes in 25 Different ColorsYou can get the sleeveless top for less than $16, too
Baca lebih lajut »
Opinion | Covid-19 Makes Oil Markets SweatFrom WSJopinion: Russia’s push for lower oil prices gets a boost from the coronavirus demand shock. Can U.S. shale producers survive? asks DanielYergin
Baca lebih lajut »
Lobster prices fall in downstream effect of coronavirus shutting China's marketU.S. lobster prices have plummeted to the lowest in at least four years after the spread of the coronavirus halted charter flights to Asia.
Baca lebih lajut »