The IEA's Fatih Birol has reportedly said he believes 2020 may come to be regarded as the worst year in the history of global oil markets.
A BP company logo is displayed on a fuel pump on the forecourt of a gas station operated by BP Plc in London, U.K.Redburn's Joyner said Big Oil companies would fall into three categories when it comes to dividend payouts in the second quarter: The ones that are not going to cut, the ones that have cut and the ones that will cut.
Joyner singled out Eni and BP as the two European oil and gas majors likely to cut dividends in the second quarter, predicting both companies would do so by approximately one-third. reported a net loss for the second quarter on Thursday and announced write-downs of $1.5 billion in assets as it lowered expectations of oil and gas prices over the long-term.
"The game is up: Oil and gas companies can no longer mask their financial frailty," Nikki Reisch, Director of the Center for International Environmental Law's Climate & Energy Program said in a report earlier this month.
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