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.
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Rystad Energy is heavily revising its annual global oil demand growth forecast down by 25% to 820 000 bpd in 2020.
More gas discoveries are needed if the UAE is to reach its goal of becoming a net gas exporter by 2030, according to Rystad Energy analysis.
Rystad Energy forecasts that Guyana’s oil production could reach 1.2 million bpd by the end of the decade, lifting total annual oil revenues to about US$28 billion, assuming an oil price of about US$65/bbl.
If fraccing activity were to be eliminated on federal acreage the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace the lost oil volumes, according to Rystad Energy.
Through December 2019, the Texas Petro Index lost 9.4% of its value since the February 2019 cyclical peak.