News
A container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company says, as officials stopped all ships entering the channel in a new setback for global trade.
News
The shortest shipping route from Europe to Asia remains blocked as tug boats struggle to free one of the world’s largest container ships after it ran aground in the Suez Canal, prompting a rise in oil prices due to supply delays.
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Santos has delivered record oil and gas production and sales volumes in the September quarter. But despite the production boom, the struggling world oil price has kept its sales revenues down by more than 20 per cent on this time last year.
South Australia’s largest company has reported a $US133 million fall in sales revenue for the March quarter as oil prices begin to recover from record lows.
US crude oil futures collapsed overnight below $US0 for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $US37.63 a barrel as desperate traders paid to get rid of oil.
Santos will slash its 2020 capital spend by $550 million and defer a final decision on a major Northern Territory gas project in a bid to counteract plunging oil prices and coronavirus.
South Australia’s largest company, Santos, is among several major local companies to have seen their share prices plunge in recent months, as the global coronavirus and oil glut crises spook investors, with the State Government today foreshadowing a stimulus package for the state.
