A new report by the International Gas Union (IGU) has noted that global natural gas and LNG demand may decline by 4% this year due to the impact of Covid-19 pandemic. The study further said that the demand may recover to pre-pandemic levels in the next two years, as the economy rebounds. IGU made this report in partnership with Snam and BloombergNEF, Reuters reported.
Japanese oil and gas company Inpex has booked a $1.3bn writedown on its LNG assets in Australia as prices slumped following the Covid-19 crisis. However, the company did not book any impairments related to the Ichthys project in Australia. Inpex also booked $500m in charges for US oil projects.
Israel’s Oil Refineries (ORL) has reported a loss in the second quarter of this year as Covid-19 pandemic dampened sales. In the quarter that ended in June, the company incurred a loss of $11m, compared to $29m profit registered a year ago. Revenues also declined by 58% to $706m, Reuters reported citing a company statement.
Saudi Arabia and Iraq have reiterated their commitment to maintain the OPEC+ deal that seeks to limit output. The energy ministers of the two countries agreed on maintaining the deal, while they discussed the recent developments in the oil and gas sector over the phone, Iraqi state news agency reported. This comes after OPEC oil output jumped by more than 1 million bpd last month.