The covid-19 pandemic has significantly reduced the demand for oil, as well as the price of this raw material.
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Exxon’s production fell by seven percent year on year to 3.6 million barrels a day between April and June. According to informed sources, the company is going to lay off and further reduce expenses. It does so in an effort to maintain the payment of dividends.
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At the behest of the US government, Chevron must leave Venezuela by December, where it is the last of the major US oil companies. He was present in the country for almost 100 years and resisted leaving this South American country. He described his work there as a stabilizing element and argued that the vacancy on the market would then be occupied by Russian or Chinese oil companies.
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“The economic impact of covid-19 has significantly reduced demand for our products and reduced the price of the raw material,” said Chevron Director Michael Wirth.
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Chevron has written off $ 5.6 billion in assets, of which $ 2.6 billion is in Venezuela. He paid another $ 1 billion in severance pay to 6,700 employees who lost their jobs. Prior to the restructuring, the group employed about 45,000 people.
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