U.S. oil giant Chevron posted its worst quarterly loss in at least three decades and warned that the global pandemic wreaking havoc upon energy markets may continue to drag on earnings.

Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.

After decades of dominance, America’s largest energy company Exxon Mobil Corp. (NYSE: XOM), has finally ceded its position as the world’s second most valuable energy company to India’s Reliance Industries (NSE: RELIANCE).

The downstream industry has been affected particularly severely by the unique combination of events that unfolded this year. On the one hand, the coronavirus pandemic decimated demand for their products, and on the other, OPEC+ reduced production, raising prices.

Norwegian oilfield services company Aker Solutions has won a contract extension from ExxonMobil for the provision of engineering, procurement, and construction (EPC) services for the Hebron platform, offshore Newfoundland, Canada.

Dutch offshore surveying services provider Fugro has started the geophysical survey phase of a large multidisciplinary site investigation contract for East Anglia offshore wind hub project in the UK

Spanish Foreign Minister Arancha Gonzalez Laya said on Tuesday she hopes the will shown by Turkey to open a dialogue on oil drilling in the Eastern Mediterranean will be followed by action.

Oil firm BP has been fined £7,000 - after admitting regulatory failings which led to the discharge of crude oil into the North Sea.

A very slow recovery in jet fuel demand will drag on global oil demand for at least another two years as overall passenger traffic numbers continue to be low and mandatory quarantines continue to stop people from traveling on international flights.

Israel's Delek Drilling plans to raise $2.25 billion in an international bond offering to help it finance the development of the Leviathan natural gas project off Israel's Mediterranean coast.