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Oil climbs as IEA reports improving global market outlook

Oil rose as Saudi Aramco slashed its sales to key buyers and the IEA said that the market is showing signs of improving. Futures in New York added as much as 4.4%. Saudi Aramco cut sales to the U.S. and Europe by about half and reduced supplies to at least 12 customers in Asia for June as OPEC and its allies curb daily output by almost 10 million barrels. The…

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Demand collapse puts 30,000 UK oil and gas jobs at risk

The UK’s oil and gas industry could lose as many as 30,000 jobs over the next 12–18 months and see drilling levels plunge by a third amid the corona virus-led drop-off in investment and slumping energy prices. “The outlook is bleak compared to the picture of steady growth seen only two months ago, before the grip of the pandemic became clear,” industry trade body Oil & Gas UK said in…

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