Huge losses for international oil companies because of Corona

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Shafaqna- Exxon Mobil and Chevron groups incurred huge losses in the second quarter of this year. Whereas, weak economic prospects due to the emerging Corona virus will force the oil industry to further cut costs.

“We have never seen market demand fall so quickly and the price of jet fuel will likely be much slower than the recovery in gasoline demand, which is beginning to improve, due to the limitation of flights,” said Exxon Mobil Vice President Neil Chapman. .

Exxon Mobil revealed $ 1.1 billion in losses in the second quarter, the largest since Exxon Mobil merged in 1999.

Meanwhile, Chevron incurred $ 8.3 billion in losses during the same period, after it reduced the value of the assets according to expectations that commodity prices will remain low for a longer period.

Mike Wirth, Chief Executive of Chevron, warned that weak economic conditions may have a negative impact on the group’s results during the third quarter.

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