Oil

Oil prices rallied after the U.S. Energy Information Administration said oil inventories fell for the first time in 16 weeks.

Saudi Arabia is a growing threat to grab oil-market share from Alaska.

Saudi Aramco plans to cut capital spending to between $25 billion and $30 billion in fiscal year 2020, down from $32.8 billion a year ago.

Oil prices slid after Saudi Arabia announced the state-owned Aramco would reduce production by an additional 1 million barrels per day.

Saudi oil giant Aramco may cut its dividend to the Saudi government, but is likely to maintain payouts to minority shareholders as a plunge in crude prices shrinks first-quarter profits, analysts said.

Continental Resources swung to a first-quart loss amid an unprecedented market environment.

Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns

The oil and gas industry is responsible for about 16 percent of state revenue and tied to 77,000 jobs with $4.8 billion in wages a year.

Drillers have cut an average of 55 rigs per week since mid March after crude prices started to plunge due to the coronavirus

Beijing's oil imports jumped 7.64% from March but remained below last year's levels.

The U.S. investment firm, which has more than $54 billion in private equity assets under management, has committed or invested some $13 billion into energy over the last decade.

Hess reported a quarterly loss Thursday after a coronavirus-induced drop in demand for oil and gas.

The company said it's consolidating all worldwide staff activities to its existing office in Houston