Oil Companies Battle For Survival As Production Falls

COVID Market Update - The IEA has cut its 2020 oil production forecast by 140,000 bpd to 91.9 million bpd, sending the FTSE 100 index down 73 points. The IEA cited the airline industry’s troubles as a key source of weakness in the oil market. - Saudi Aramco this week reported a $6.6 billion profit for Q2, with H1 profits dipping 50% from H1 2019 when net income reached almost $47 billion. Despite the profit shrinkage, Aramco is keeping its nearly $19 billion dividend payout. Aramco is still planning to boost production capacity to 13 million…