Covid-19 has led to a crisis in the global oil industry with a dramatic fall in prices and weak consumer demand creating difficulties for the upstream sector right now. Keith Tilley, CEO, Intoware, explains why companies must re-think their digital strategies or risk being left behind.
Oil prices rose a bit today, correcting some of yesterday’s losses, which were more a sign of shock on economic collapse figures. Nevertheless, traders brace for August, a month of returned production from OPEC+ amid stalled demand recovery.
Oil prices are falling today, with traders ignoring yesterday’s US crude stock news and acknowledging Covid-19’s threat to the demand recovery, while waiting for OPEC’s returned production to hit the market again.
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Yannis Bassias, former President & CEO at Hellenic Hydrocarbon Resources Management (HHRM), talks about exploration in the Mediterranean, changes in the gas market, ultra-deepwater drilling, and explains why Greece “is not a declared gas province yet”.
Rystad analysis has suggested that oilfield service suppliers could diversify some oil and gas capabilities and replace up to 40% of 2019’s revenue by servicing the renewable markets.
Oil prices are losing some of yesterday’s gains as API reports an unexpected stock build in US crude inventories.
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