View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Uncategorised
April 28, 2020

Covid-19 creates supply and demand crisis for oil and gas

By Duncan West

Demand for oil is likely to decrease by 23.1 million barrels per day in Q2 as oversupply and less demand worsen the price crash.

The oil and gas sector has suffered a tumultuous start to 2020 in the wake of Covid-19. Overall, the energy sector – a key pillar of many FDI strategies – is forecasted by GlobalData to face downward earnings revisions of 208% in 2020, with the shock compounded by the oil price crash.

Oil prices have decreased by around 50% since January 2020, with the US market reporting record lows. With countries on lockdown there is significantly less of all activity, and the demand for oil and gas has fallen spectacularly.

Read more here.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Offshore Technology