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    lessons learned

    Lessons learned: ENCs can be inaccurate for many reasons

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    Lessons learned: Crew should be aware of the most efficient fire fighting methods

    ITF recovers multi-million sum of owed wages

    ITF recovers multi-million sum of owed wages

    Houston Ship Channel

    Houston Pilots: Vessels must override their power limiter to avoid navigational risks

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    Book Review: A role model for ship managers

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    MOL receives one of the largest LPG/ammonia carriers in the world

    MOL receives one of the largest LPG/ammonia carriers in the world

    Port of London welcomes world’s first green methanol container vessel

    Port of London welcomes world’s first green methanol container vessel

    New solid oxide fuel cell (SOFC) to be installed on chemical tanker

    New solid oxide fuel cell (SOFC) to be installed on chemical tanker

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    Two COSCO companies issue their first electronic bills of lading

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    IUMI explores the implications of digitalization on marine insurance

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    nord stream

    Baltic Exchange: Maritime market highlights 25 – 29 September

    Port of Tanjung Pelepas

    Port of Tanjung Pelepas joins decarbonisation scheme

    10 trends influencing global commercial shipping

    UNCTAD: Global facts and figures that shape maritime transport

  • Columns
    AD Ports, Karachi Port Trust sign MoU to develop terminal infrastructure

    Decarbonising UK freight: the UK coastal shipping opportunity

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Gard Club: Industry needs to mature and learn from incidents and human errors

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    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

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SAFETY4SEA

COVID-19 to impact global energy markets, Rystad report reveals

by The Editorial Team
March 24, 2020
in Green Shipping
arkona offshore

Twitter Image. Credit: @DNVGL_Energy

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In a recently published report, Rystad Energy notes that the coronavirus pandemic should be expected to last for the entirety of 2020 and provides possible scenarios and impact on the global energy markets.

The new coronavirus pandemic has spread with unprecedented speed, and many nations are turning away from the goal of containment in favor of “flattening the curve”, mitigating the acute impact of the virus in an effort to spread out the number of infected over time and prevent hospitals from becoming overwhelmed.

Among many key findings, the report mentions the following:

  • Only 5% of coronavirus cases are actually reported. Looking at the current global situation, several countries are at risk of explosive infection spread if immediate quarantine measures are not implemented.
  • The epidemic may collapse global oil demand by more than 10 million bpd in April 2020. In an Effective Prevention Scenario global oil demand could contract by more than 11 million barrels per day (bpd) year-over-year in April, with jet fuel down 2 million bpd, road fuel down 5 million bpd and other demand segments down 3 million bpd. In this scenario, demand could begin to see year-over-year growth as soon as September or October. In a scenario aimed at managing the spread of the virus over time, global oil demand could decrease by 10 million bpd in April compared to last year, and see a slower recovery period.
  • With a glum oil price outlook, the oil and gas industry will be severely impacted. We see that free cash flow (FCF) for E&P companies will fall considerably in 2020.
  • The actual impact on oil prices will be determined by global storage capacity, as the recent flood of oil from Saudi Arabia will be multiplied by the coming tsunami of demand destruction. Implied stock builds could amount to as much as 1 billion barrels by the coming summer, above the remaining capacity for crude and products in the entire supply chain.

Explore more by reading the report herebelow

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73% of stakeholders view net zero as a strategic priority

 

Tags: COVID-19energy outlookoil and gas industryoil pricesreports
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