Italian major Eni has cut its production guidance for the year amid the demand destruction from the Covid-19 pandemic, which was a significant factor in the booking of a €2.93 billion ($3.15 billion) loss in the first quarter.

The company has also reduced its Brent price assumptions for this year and next, and will chop its capital expenditure next year by up to 35% against previous guidance, while also suspending this year's share purchase plan.

The net loss of €2.93