Oil prices are losing some of yesterday’s gains as API reports an unexpected stock build in US crude inventories.
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Oil prices fell today as the Covid-19 pandemic continues to expand, threatening the future of oil demand, in a market that is slowly trying to recover production levels.
Oil prices have fallen as a surge of Covid-19 cases in the US and other key markets around the world throw doubts over gasoline demand and for how long it can keep its recovered levels.
The members of the Oil and Gas Climate Initiative have agreed to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20 kg and 21 kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe) by 2025.
In the short-term, Westwood expects FPS engineering, procurement and construction (EPC) contract awards to reach a total of just over US$5 billion in 2020 – a 59% decline from 2019’s ~US$13 billion.
Paola Rodriguez-Masiu, Senior Oil Markets Analyst at Rystad Energy, has commented on what yesterday's OPEC+ meeting may mean for oil prices.
Oil prices have risen as US crude inventories are believed to have fallen more than traders expected. However, more news that could move the market again could come from the OPEC+ meeting today.
A Rystad Energy analysis shows the number of drilled wells globally is expected to reach around 55 350 this year, the lowest since at least the beginning of the century.
Oil prices fell as the market expects OPEC+ to lower production curtailments, while Covid-19 slows demand recovery.
Similar to the previous downturn, awards for FPSO vessels are set to recover next year, with seven projects likely to be sanctioned according to Rystad Energy.
BP invests US$5 million in a cloud-based geospatial analytics software company that uses advanced spectral imagery and machine learning to monitor environmental changes.
Oil prices fell as Covid-19 cases hit daily country record in the US, erasing previous gains and pricing in the demand uncertainty ahead.