Special reports

Oil prices lost ground this morning, as traders corrected last week’s exuberant gains, amid worries that Covid-19 will not let demand recover as quickly as hoped.

Global spending is forecasted to reach US$383 billion this year, the lowest level in 15 years and a 29% decrease of US$156 billion compared to 2019.

Oil prices have fallen as US stocks rise and as traders price in concerns about how quickly demand will return, fearing a second Covid-19 wave.

Mele Kyari, the head of the Nigerian National Petroleum Corp., has said Africa's top oil exporter is fully committed to the cuts.

The URTeC Management Committee has decided to cancel the face-to-face component of the upcoming Unconventional Resources Technology Conference (URTeC) in Austin, Texas, US.

Oil prices fell this morning on indications that US stocks unexpectedly rose.

OGUK's Chief Executive Deirdre Michie has urged the UK government to protect jobs and create new business opportunities in the energy regions of the UK.

OPEC+'s cuts are deep enough to create a monthly deficit in crude and condensate supply from June 2020 and continuing uninterrupted until at least the end of next year, according to Rystad Energy.

Oil prices fluctuated this morning, swinging from marginal gains to losses as traders price in Libya supply and a spike in new global Covid-19 cases.

In the weekly ADIPEC Energy Dialogue Webinar series, Philip Whittaker, Boston Consulting Group, discussed the role of digital technology in the recovery of the oil and gas industry post COVID-19.

Rystad Energy has said that OPEC+ has "taken a tighter grip on the near-term crude oil fundamentals with Saturday’s extension decision."

On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to the end of July.

Eni has created two new business groups: Natural Resources and Energy Evolution.

Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.

The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, data from Norway's national statistics agency showed.