Oil giants slash jobs and projects as crude plunges below $66

Oil producers are in panic mode. Chevron, BP, ConocoPhillips, Aramco, and Petronas have started slashing jobs, cancelling drilling projects, and offloading assets as crude prices keep ￰0￱ cuts started after Brent tumbled from its post-invasion highs and OPEC+ made a weekend decision to ramp up production, ignoring warnings of ￰1￱ to the Financial Times, the world’s top oil and gas companies are now moving faster than they did during the 2020 ￰2￱ of thousands of workers are being kicked ￰3￱ is ￰4￱ projects have been shelved, others are being dumped entirely to balance the ￰5￱ and BP cut jobs as crude prices collapse Chevron and BP have already laid off thousands of ￰6￱ the same time, both companies are racing to find tens of billions more in cost ￰7￱ plans are being pulled ￰8￱ projects are either being paused or listed for ￰9￱ followed them last week, cutting more staff as US shale producers struggle to stay alive under lower ￰10￱ US shale sector is getting hit the ￰11￱ high-cost operation is bleeding ￰12￱ crude is trading below $66 a barrel, and firms can’t break even, let alone pay dividends and repurchase ￰13￱ has already scaled back its ￰14￱ Stanley said in a note that more oil majors will ￰15￱ state-run companies aren’t ￰16￱ Aramco just sold a $10 billion stake in its pipeline network to raise cash.

Malaysia’s Petronas has slashed 5,000 jobs. Basically, no one is safe, no matter how big they are. Everyone’s trying to stay afloat, not ￰17￱ prices have dropped nearly 50% since their peak after Russia’s invasion of ￰18￱ instead of dialing back, OPEC+ decided to push even more oil into the ￰19￱ decision, made over the weekend, will add more pressure to ￰20￱ cartel, which had previously been cutting output to protect prices, has now ￰21￱ five straight months, they’ve focused on regaining market share, even if that means drowning the US shale sector in cheap ￰22￱ fails quota as OPEC+ increases output Russia missed its August production quota under the OPEC+ ￰23￱ country pumped 9.175 million barrels per day, which was higher than July but still about 84,000 barrels below its ￰24￱ quota included compensation cuts that were agreed earlier to make up for previous ￰25￱ has a track record of falling behind on these ￰26￱ agreed to reduce supply after going over its limits, but the deadlines and cuts keep ￰27￱ say that’s because of seasonal conditions and the geological structure of Russian ￰28￱ regardless of the excuses, the country’s output still isn’t keeping ￰29￱ Russia, Saudi Arabia holds over 2 million barrels per day of idle capacity and can boost supply almost ￰30￱ after meeting its OPEC+ commitment, it still has plenty of room left.

Russia, on the other hand, can’t raise production fast enough to benefit from the extra quota space it was given. OPEC+ promised an increase of 1.66 million barrels per ￰31￱ adjusting for compensation cuts and capacity limits, only about 1.15 million will actually show ￰32￱ means the group is overselling its actual supply gains. Still, it’s enough to tip the market further into ￰33￱ alliance holds more than 3 million barrels per day of spare ￰34￱ of that is sitting in Saudi Arabia, the United Arab Emirates, and Iraq. They’re the ones who can turn the taps on or off whenever they ￰35￱ else, especially Russia, is just trying to catch ￰36￱ smartest crypto minds already read our ￰37￱ in?

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