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June 11, 2020

Fitch Solutions: Covid-19 exacerbates longstanding oil and gas issues

By JP Casey

Analytics firm Fitch Solutions has unveiled its latest assessment of and predictions for the oil and liquefied natural gas sector in a webinar, noting that the Covid-19 pandemic has significantly disrupted traditional means of operating, and that supply and demand futures are uncertain over the long-term.

The pandemic has affected much of the global industry, with collapsing demand sending both contract and spot prices tumbling as deal value contracts in order to absorb declines in both oil and gas demand and production. In developed European markets, natural gas demand growth is forecast to be just over 2% by the end of the year, compared to over 6% in 2019. In Asia meanwhile, demand growth is set to fall by almost 8% this year, down from a fall of just over 2% last year.

Read more about Fitch’s analysis here.

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