Sub-$70 oil prices are causing major oil companies like Exxon, Chevron, and BP to rethink their $100 billion in annual returns, with dividends likely to dry up as margins are squeezed.

Global oil majors are expected to cut shareholder payouts as oil prices remain below $70 per barrel, with most needing prices above $80 per barrel to sustain dividends and share buybacks.

US oil firms like ExxonMobil and Chevron are focusing on job cuts, with layoffs announced, while five leading supermajors are set to spend $108.5 billion on shareholder returns this year despite lower oil prices.

Aramco freezes prices on OPEC+ output hike, while Denmark tightens checks on Baltic Sea tanker traffic and Iran announces a huge gas find, aiming to start production by 2030.

China continues to build new crude oil storage sites, India’s fuel demand disappoints, and the IEA slashes its forecast for renewable electricity growth by 2030.

Gold prices hit $3,978 per ounce, Japan’s renewable stocks drop, and Ukraine plans to raise natural gas imports by 30% due to damage from Russia’s attacks.

Congo warns mining firms about violating export quotas, while Russian oil sellers pitch yuan crude sales to Indian refiners, and ExxonMobil eyes re-entry into Gabon for oil exploration.

Read more at Yahoo Finance: Oil Majors Brace for Dividend Drought as Sub-$70 Crude Bites