Bloomberg Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers. Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products …

Bloomberg The UK’s biggest pension fund by membership said it will back a climate resolution asking for France’s Total SA to adopt a tougher stance on climate change at its annual shareholder meeting next week. The resolution was brought by 11 European asset managers last month, in another example of investors pressuring Big Oil to tackle environmental challenges. Since then, …

Bloomberg When BP Plc announced its plans to tackle its carbon emissions in February, it overshadowed another big change: Getting rid of the traditional Big Oil corporate structure split between refining and production. Those changes are now pressing ahead as Chief Executive Officer Bernard Looney, in a memo sent to staff on May 14, said his new leadership team have …

Bloomberg Venezuelans forced to queue for days to fill up their cars with gasoline are now facing a growing shortage of propane to cook after a processing plant caught fire and distribution is being rationed. The Jose petrochemical complex that supplies propane used by about 90% of Venezuelans to cook has slowed production since a fire and a pipeline leakage, …

Bloomberg Returns from turning oil into fuels are lagging behind crude’s jump, signalling that prices are still vulnerable and demand may not be recovering fast enough to justify the rally. Crude futures have soared 73% in May, rebounding from their historic crash below zero just over a month ago, helped by production cuts across the globe after the coronavirus crisis …

Bloomberg The oil and natural gas capital of the world is going all-in on solar power. Houston will begin a new five-year contact in July with NRG Energy Inc to power all of its city-owned properties, from fire stations to airports, with renewable energy. The move means the nation’s fourth-largest city will reach its goal of 100% renewable power five …

Bloomberg Alibaba Group Holding Ltd expects revenue growth to slow this year, reflecting post-Covid 19 economic uncertainty at home as well as the potential for US-Chinese tensions to disrupt its business. The e-commerce giant forecast sales growth this year of at least 27.5% to more than 650 billion yuan ($91 billion), down from 35% previously and slightly below analysts’ estimates. …

Bloomberg Southwest Airlines Co expects flying capacity later this year to be down about 30% from 2019, potentially leaving the company overstaffed, Chief Executive Officer Gary Kelly said. The carrier may be forced into the first involuntary furloughs in its 49-year history if travel demand doesn’t pick up more swiftly over the summer, Kelly said in a video message to …

Bloomberg EasyJet Plc founder turned activist Stelios Haji-Ioannou lost out on an attempt to remove the UK airline’s management and block Airbus SE jet purchases. Shareholders resolved to retain four directors including Chief Executive Officer Johan Lundgren, Chairman John Barton and Chief Financial Officer Andrew Findlay at a virtual meeting. Haji-Ioannou, EasyJet’s top investor with a 34% stake, has spent …

Bloomberg Amazon.com Inc’s Prime Air fleet will grow to about 200 planes — up from 42 now — in the next seven or eight years, creating an air cargo service that could rival United Parcel Service (UPS), according to a study. “At a time when many other airlines are downsizing due to the pandemic, Amazon’s push for faster and cheaper …