WorldOil Oil prices resume climb on positive U.S. jobs report Oil kept up its positive momentum going into the U.S. holiday weekend, cheered by signs the world’s biggest economy is recovering from coronavirus-related lockdowns, even as fears linger over a resurgence. Coronavirus impact pushes Exxon to an unprecedented quarterly loss Exxon Mobil incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. OPEC cuts production to 1991 levels in bid to revive oil demand OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Citigroup says oil demand will never reach pre-pandemic levels Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said. As oil demand sentiments diverge on a national and an operator level, are production plans evolving to keep pace? From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans. Investors pressure Exxon, Chevron to disclose long-term oil price forecasts Exxon Mobil Corp. and Chevron Corp. don’t publish such estimates, meaning that shareholders are less able to scrutinize how the companies’ investment plans square with expectations for a global transition to clean energy. Saudi Aramco CEO says “the worst is behind us” as oil tallies its best quarter in 30 years The market’s climb from negative territory in April has been swift but bumpy, with the U.S. benchmark struggling to hold above $40 a barrel amid a stubborn supply glut and a resurgence of Covid-19 cases that’s darkened the demand outlook. ConocoPhillips to restore curtailed production as oil prices rise The company will bring back output in Alaska and other states next month, with Canadian production coming back in the third quarter. “Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities,” Conoco said in a statement Tuesday. Shell plans multi-billion writedown on weakened oil demand Royal Dutch Shell said it will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil. Saudi prince phones Nigeria to bring them in line with OPEC+ cuts 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.