Oil prices plunge on coronavirus fears

BP to cut 10,000 jobs because of oil price crash

By Julia HorowitzCNN Business

Updated 12:06 PM ET, Mon June 8, 2020

The sun sets behind an idle pump jack near Karnes City, Texas, Wednesday, April 8, 2020. Demand for oil continues to fall due to the new coronavirus outbreak. (AP Photo/Eric Gay)
The sun sets behind an idle pump jack near Karnes City, Texas, Wednesday, April 8, 2020. Demand for oil continues to fall due to the new coronavirus outbreak. (AP Photo/Eric Gay)

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)

Oil prices plunge on coronavirus fears

What is carbon capture?

natural gas energy gec_00010408.jpg

Why natural gas has a role in the energy transition

This energy startup has made a solar breakthrough

Pioneer CEO: Flaring is the biggest issue in the Permian Basin

378796 09: A pipeline carries oil September 20, 2000 at the Federal Strategic Petroleum Reserve facility known as Big Hill near Beaumont, Texas. It is one of four crude oil storage sites run by the U.S. government that could be tapped to ease the oil crisis. The Big Hill facility has 14 underground solution-mined storage caverns that have a combined storage capacity of 160 million barrels. The site has demonstrated the capability to deliver crude at 930,000 barrels per day. The Big Hill site is connected via a 25-mile, 36-inch pipeline to the Sun Marine Terminal and the Unocal Marine Terminal at Nederland, Texas. The pipeline also interconnects with the Texaco 20-inch pipeline system in Port Arthur, Texas. The reserve, created in 1975 after the Arab oil embargo, is intended to provide a stopgap in case of disruptions in oil imports. It has been used only once, during the Gulf War in 1991. (Photo by Joe Raedle/Newsmakers)

Why the US has a huge stash of emergency oil

An oil tanker is on fire in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on Thursday, an assault that left one ablaze and adrift as sailors were evacuated from both vessels and the U.S. Navy rushed to assist amid heightened tensions between Washington and Tehran. (AP Photo/ISNA)

Why the Strait of Hormuz is so important for oil

Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabian on May 22, 2018.

Does OPEC really control oil prices?

The sun sets behind an idle pump jack near Karnes City, Texas, Wednesday, April 8, 2020. Demand for oil continues to fall due to the new coronavirus outbreak. (AP Photo/Eric Gay)

Global oil crisis: Bottom of the barrel is still unclear

Renewable energy growth stalled by coronavirus

Oil prices went negative. Here’s why

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)

US oil prices fall below zero for the first time ever

A partial view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. - Saudi Arabia said on September 17 its oil output will return to normal by the end of September, seeking to soothe rattled energy markets after attacks on two instillations that slashed its production by half. The strikes on Abqaiq - the world's largest oil processing facility - and the Khurais oil field in eastern Saudi Arabia roiled energy markets and revived fears of a conflict in the tinderbox Gulf region. (Photo by Fayez Nureldine / AFP)        (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)

OPEC+ agrees on record cut to oil production

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Major oil currencies have fallen much more this month following the plunge in Brent crude prices to less than $30 a barrel, with Russias ruble down by 15%. Photographer: Andrey Rudakov/Bloomberg via Getty Images

Oil producers grapple with demand collapse

An oil pumpjack works at dawn in the Permian Basin oil field on January 20, 2016 in the oil town of Andrews, Texas.

Oil prices rally on talk of supply cut

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)

Oil prices plunge on coronavirus fears

What is carbon capture?

natural gas energy gec_00010408.jpg

Why natural gas has a role in the energy transition

This energy startup has made a solar breakthrough

Pioneer CEO: Flaring is the biggest issue in the Permian Basin

378796 09: A pipeline carries oil September 20, 2000 at the Federal Strategic Petroleum Reserve facility known as Big Hill near Beaumont, Texas. It is one of four crude oil storage sites run by the U.S. government that could be tapped to ease the oil crisis. The Big Hill facility has 14 underground solution-mined storage caverns that have a combined storage capacity of 160 million barrels. The site has demonstrated the capability to deliver crude at 930,000 barrels per day. The Big Hill site is connected via a 25-mile, 36-inch pipeline to the Sun Marine Terminal and the Unocal Marine Terminal at Nederland, Texas. The pipeline also interconnects with the Texaco 20-inch pipeline system in Port Arthur, Texas. The reserve, created in 1975 after the Arab oil embargo, is intended to provide a stopgap in case of disruptions in oil imports. It has been used only once, during the Gulf War in 1991. (Photo by Joe Raedle/Newsmakers)

Why the US has a huge stash of emergency oil

An oil tanker is on fire in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on Thursday, an assault that left one ablaze and adrift as sailors were evacuated from both vessels and the U.S. Navy rushed to assist amid heightened tensions between Washington and Tehran. (AP Photo/ISNA)

Why the Strait of Hormuz is so important for oil

Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabian on May 22, 2018.

Does OPEC really control oil prices?

The sun sets behind an idle pump jack near Karnes City, Texas, Wednesday, April 8, 2020. Demand for oil continues to fall due to the new coronavirus outbreak. (AP Photo/Eric Gay)

Global oil crisis: Bottom of the barrel is still unclear

Renewable energy growth stalled by coronavirus

Oil prices went negative. Here’s why

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)

US oil prices fall below zero for the first time ever

A partial view of Saudi Aramco's Abqaiq oil processing plant on September 20, 2019. - Saudi Arabia said on September 17 its oil output will return to normal by the end of September, seeking to soothe rattled energy markets after attacks on two instillations that slashed its production by half. The strikes on Abqaiq - the world's largest oil processing facility - and the Khurais oil field in eastern Saudi Arabia roiled energy markets and revived fears of a conflict in the tinderbox Gulf region. (Photo by Fayez Nureldine / AFP)        (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)

OPEC+ agrees on record cut to oil production

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Major oil currencies have fallen much more this month following the plunge in Brent crude prices to less than $30 a barrel, with Russias ruble down by 15%. Photographer: Andrey Rudakov/Bloomberg via Getty Images

Oil producers grapple with demand collapse

An oil pumpjack works at dawn in the Permian Basin oil field on January 20, 2016 in the oil town of Andrews, Texas.

Oil prices rally on talk of supply cut

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)

Oil prices plunge on coronavirus fears

London (CNN Business)BP (BP) is cutting 10,000 jobs as it reels from a crash in oil prices and tries to pivot toward renewable energy.CEO Bernard Looney told employees on Monday that the oil giant would reduce its global workforce by nearly 15% this year. Most of the cuts will affect office jobs.The company said in February that it would reorganize its business to achieve net zero emissions by 2050 or sooner. The coronavirus pandemic, which caused oil prices to plunge as people hunkered down at home, has only accelerated the need to reduc

Social media & sharing icons powered by UltimatelySocial
error

Enjoy this blog? Please spread the word :)

RSS
Follow by Email
LinkedIn
LinkedIn
Share
Scroll to Top