Oil collapse wipes out profits at Total

“The Group is facing exceptional circumstances: The Covid-19 health crisis which is affecting the world economy and creating major uncertainties, and the oil market crisis, with the sharp drop in oil prices since March.”

The French oil major reported a net profit of $34 million for the first quarter, against $3.1 billion a year earlier.

Since the end of March, oil has been hit further by a collapse in demand due to the economic impact of the coronavirus, even going negative at one point last month, when sellers had to pay buyers to take oil off their hands. Investments would now be less than $14 billion for this year, down a quarter from what the group had announced in February.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

GuardianNigeria /  🏆 1. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lagos records 2 more COVID-19 deaths, total now 30 – Daily TrustTwo more COVID-19 related deaths have been recorded in Lagos State, raising the total death to 30.The Lagos State Ministry of Health disc...
Read more »

Wike places two councils on total lockdown - The NationRivers Governor Nyesom Wike has announced a 24-hour total lockdown and dusk-dawn curfew on Port Harcourt and Obio/Akpor Local Government...
Read more »

Wike Places Port Harcourt, Obio/Akpor LGAs On Total LockdownWike Places Port Harcourt, Obio/Akpor LGAs On Total Lockdown
Read more »

Commercial activities resume in Osogbo after 31 days of total lockdownBanks, businesses and commercial stores in Osogbo, the capital of Osun, on Monday reopened for business transactions as the state government eased
Read more »

Covid-19: Wike Declares Total Lockdown of Port Harcourt City, Obio/Akpor LG - THISDAYLIVEOrders hotels, guest houses and beer parlours closed By Ernest Chinwo Rivers State Governor Nyesom Wike has announced a 24-hour lockdown on Port Harcourt City and Obio/Akpor Local Government Area as part of the state government’s measures to check the spread of coronavirus. In a broadcast Monday, Wike said: “Consequently, we have decided on the …
Read more »