Due to the sharp decline in fuel prices and demand due to the epidemic, the world's five largest oil companies in the second quarter slashed asset values by nearly US$50 billion and significantly reduced production.

The sharp decline in asset valuations and the decline in output showed the pain of the oil industry in the second quarter. Global fuel demand fell by more than 30% at one time, which is still below the level before the outbreak.


OPEC meeting may announce a reduction in production cuts
OPEC downgrades this year's global oil demand forecast



Oil giant cuts production by 1 million barrels per day

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