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.
oil and gas industry
RMT, UK’s offshore union is calling for urgent action to protect the UK’s energy supply sector from collapse amid the COVID-19 pandemic. The Union highlighted that the oil price wars and the public health at risk could lead the North Sea oil and gas sector to an overall damage, placing tens of thousands of offshore workers out of work, increasing the UK’s reliance on imported fossil fuels.
Oil and gas producer Santos Ltd announced it will cut its full-year spending and defer an investment decision on Barossa as oil prices plunge and the coronavirus outbreak dents business sentiment.
Rystad Energy estimated that the extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), while OPEC+ countries are able to add next month 2 million bpd, according to their storage, spare capacity and ramp up capabilities.
According to Reuters, the US Department of State identified seven companies that has blacklisted, due to their involvement in Iranian petrochemincals’ transport, marketing and sale. In fact, three of the seven companies are Chinese-based, while another three are in Hong Kong and one in South Africa.
The Norwegian Petroleum Directorate (NPD) announced that MOL Norge completed an oil and gas discovery close to the Balder field in the North Sea – 25/8-19 S and 25/8-19 A. Namely, the wells were drilled 8 kilometers northwest of Ringhorne on the Balder field in the central part of the North Sea and 200 kilometers west of Stavanger.
Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.
After the WHO confirmation that COVID-19 is a pandemic, Britain’s oil and gas sector association OGUK announced restrictions on workers traveling to offshore installations.
In light of the COVID-19 global outbreak and the travel restrictions imposed by the US President Donald Trump, the oil prices dropped by $2.01. In fact, Brent crude LCOc1 oil was down by 5.6%, at $33.78 by around 0930 GMT. US crude CLc1 was down $1.77, or 5.4%, at $31.21, Reuters reported.
ADNOC, UAE’s oil giant, stated that it will boost its efforts and produce more oil, aiming to increasing the supply to over 4 million barrels per day in April 2020, following the collapse of the OPEC+ agreement and the oil price war between Saudi Arabia and Russia.
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