US upstream companies feel the strain
Economic uncertainty forces E&Ps to significantly revise down their capital budgets
The Covid-19 outbreak seemed little more than another temporary shock to long-term rangebound energy markets barely a month ago. China appeared to have contained a largely localised phenomenon, and observers were estimating how long it would take Asian demand to recover. Oil producers stuck firmly to their 2020 production guidance. But events have changed radically. Europe is now the epicentre of a global emergency that could last months and test the healthcare capabilities of governments throughout the world. The associated collapse in global energy demand—and uncertainty how and when supply will respond in the wake of Opec+ disarray—have shocked commodity markets. “The weak global economy
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Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
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Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
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De la Rey Venter, CEO of LNG player MidOcean Energy, discusses strategy, project developments and the prospects for the LNG market
