Major US oil outfit Occidental Petroleum has decided to impair its value by USD 6-9 billion after taxes due to the low oil prices, writes Financial Times.
Since the turn of the year, the price of West Texas Intermediate crude has dropped by more than 35 percent to USD 39.04 per barrel, and, along the way, it's gone all the way into the negative, when a combination of a price war, decimated demand due to corona crisis shutdowns and fear of over-filled stockpiles in the US for one day had the WTI future at USD -37.63.
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