Trump to meet with oil executives over virus: industry group
Thursday, April 02, 2020       05:14 WIB

New York, April 1, 2020 (AFP)
President Donald Trump is scheduled to meet US oil company executives at the White House Friday to discuss the impact of the coronavirus pandemic on the sector, an industry group confirmed Wednesday.
The sector has been hammered since the start of the outbreak as demand for energy from China, which was the epicentre of the pandemic, fell, causing oil prices to collapse.
And the pain has accelerated as the economic shutdown has spread worldwide.
Oil prices fell to $21.42 a barrel on Wednesday, amid declines also impacted by the ongoing dispute between Russia and Saudi Arabia over production cuts to support prices.
The American Petroleum Institute confirmed that it was organizing the meeting, but denied the purpose was to ask for financial help.
"Natural gas and oil will be critical to our nation's economic recovery," an official with the industry lobbying group said in a statement. "We are not seeking any government subsidies or industry-specific intervention to address the recent market downturn at this time."
Trump is expected to meet ExxonMobil CEO Darren Woods, Chevron chief Michael Wirth, and Vicki Hollub, CEO of Occidental Petroleum, the source said on condition of anonymity.
The heads of Devon Energy, Phillips 66 and Energy Transfer Partners also will be present, the source added.
US shale oil producers, which had made the country self-sufficient, have been particularly hard hit by falling prices and the global economic slowdown.
The American oil group Whiting Petroleum Corporation, which specializes in shale deposits in North Dakota and Colorado, filed for Chapter 11 bankruptcy on Wednesday, which under US law allows the company protection from its creditors while it restructures.
lo/jum/cjc/hs/st
EXXONMOBIL
CHEVRON
OCCIDENTAL PETROLEUM
DEVON ENERGY
PHILLIPS 66
WHITING PETROLEUM
ENERGY TRANSFER EQUITY

Sumber : AFP

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