The energy giant's net income totalled $42.4 billion — up from $30.4 billion during the same period last year — and was "primarily driven by higher crude oil prices and volumes sold".
Analysts warn a recession looms in the West from inflation and subsequent interest rate hikes, as well as food and oil supplies being affected by Russia-Ukraine conflict.
Wall Street's benchmark S&P index lost 1.5 percent on Tuesday, deepening a two-month-old skid.
The coronavirus has attacked Russia, another country with a powerful political clout, after China, the US and Western European countries, making its weaknesses apparent.
The grand ambitions of the Saudi crown prince seem to be falling apart amid the new realities in the age of coronavirus.
“Well, I’ll look at it,” US President Donald Trump told reporters after he was asked about requests by some Republican lawmakers to block the shipments under his executive authority.
The Fed move added to efforts by central banks around the world to combat the outbreak, which observers say will likely cause a global recession.
A drop in oil prices is a good sign for consumers, but current economic conditions and the coronavirus pandemic makes it difficult to see who stands to benefit.
Moscow says it's open to renewing cooperation with OPEC after oil giants and non-OPEC members failed to agree on production cuts leading to Saudi announcement it would increase oil output.
Comments by Iranian officials and US President Donald Trump eased tensions substantially and pushed crude prices lower in late European trading.
As Japan looks to ensure security in the region, it could play a vital role in negotiating between Iran and the US.
Venezuela's self-proclaimed president, Juan Guaido, ordered Congress to change leadership at the state oil company PDVSA, following US sanctions on the oil sector.
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