Rystad Energy: oil prices could fall into low US$20s
Oil prices could fall into the low US$20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months.
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Oil prices could fall into the low US$20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months.
Derek Leith has said that Chancellor Rishi Sunak's decision to make no legislative change for the UK oil and gas industry is "a welcome move."
The price war will heavily impact service company revenues, even driving some out of the market, according to Rystad Energy.
A Rystad Energy impact analysis shows that US drilled but uncompleted wells will be the first assets to be threatened by the newly formed low price environment, as their breakeven costs are now only dollars away from market prices.
Wood Mackenzie’s Tom Ellacott has said that the oil price collapse could be the trigger for a new phase of deep industry restructuring – one that rivals the changes seen in the late-1990s.
Rystad Energy now expects more than half of global oil demand growth to be lost in 2020.
Rystad Energy expects the outbreak of the coronavirus disease known as COVID-19 to cause extensive staffing and supply shortages in China, South Korea and Singapore.
Xodus believes worldwide energy consumption will continue to increase, driven by economic growth in developing countries, and that approximately half of that demand will need to be fulfilled by natural gas.
Brent crude oil prices, which Rystad Energy earlier expected to average nearly US$60/bbl in 2020, are now forecast to slump to about US$56/bbl for the year following revisions to Rystad's January forecasts.
In the second part of this two-part article, Ray Burke, Baker Hughes, explores new integrity management technology that can get the most out of flexible pipe.
In the first part of this two-part article, Ray Burke, Baker Hughes, asks whether it is feasible for the oil and gas industry to expect more from flexible pipe technology.
The report outlines the ministry’s infrastructure plans, including refineries and storage depots and provides insight into how the country has advanced its sales of crude oil on the open market.