More oilfield service companies dismissed workers this week after oil prices collapsed to near two-decade lows amid a price war among top producers and falling demand from the spread of the novel coronavirus. Houston, Texas-based NCS Multistage Holdings (NCSM) is cutting about 80 employees, or 20% of its workforce, according to a filing.
The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
* FACTBOX-Oil company spending cuts: * GRAPHIC-Big Oil's 2020 capex cuts: https://reut.rs/39u1Dh3. * GRAPHIC-Big Oil's rising debt: https://tmsnrt.rs/2U73Jit. The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
Oil prices clawed their way into positive territory on Tuesday as hopes that the world's biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected. Brent crude was up 77 cents, or 2.33%, at $33.82 a barrel by 1353 GMT after falling more than 3% on Monday.
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate oil on Monday, as top producers Saudi Arabia and Russia delayed discussions aimed at reducing global oversupply and crude production in Alberta tested storage limits. * "The biggest driver is the concern over Alberta oil storage filling to operational limits," said Martin King at RBN Energy.
Oil prices slumped on Monday, pulling back from last week's gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.
Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday's trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production.
Warring factions in Yemen accused each other on Sunday of attacking an oil pipeline pumping station in the central province of Marib, where clashes have raged for weeks and displaced tens of thousands of civilians.
OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified.
U.S. President Donald Trump said on Saturday he would impose tariffs on crude imports if he has to "protect" U.S. energy workers from the oil price crash that has been exacerbated by a war between Russia and Saudi Arabia over market share.
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