Venezuela’s crude oil production tumbled by nearly 200,000 bpd in June compared to May, to just 422,400 bpd on June 28, as Venezuela struggles to place its oil on the market due to the U.S. sanctions, Bloomberg reported on Wednesday, citing official documents it had seen.

The coronavirus pandemic and the oil price collapse are accelerating the pace of bankruptcy filings in the U.S. shale patch this year.

Subsea 7 has said it has been awarded a sizeable contract for work in the Gulf of Mexico with an unnamed client.

The huge volumes of oil held at sea have started to shrink and are expected to continue declining into the second half of this year, thanks to recovering demand and a change in the oil market structure, shipping sources told Reuters on Wednesday.

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.

Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said.

Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets.

Crude oil inventories in the United States shed 7.2 million barrels in the week to June 26, the Energy Information Administration reported.

Oceaneering International’s Asset Integrity group has secured a three-year contract with Cabinda Gulf Oil Company Limited (CABGOC), a Chevron subsidiary. Oceaneering will provide inspection services onshore Cabinda, Angola, and offshore Angola on Blocks 0 and 14. The contract is scheduled to begin in Q2 2020. This award follows a recent contract win for inspection services for a maj

Offshore engineering and construction company McDermott has successfully completed its restructuring process after filing for bankruptcy in January to restructure its $4.6 billion debt.