Production

US oil and gas companies are putting the brakes on drilling due to the combined global effect of the COVID-19 pandemic and declining oil prices, according to new research from industry analyst Rystad Energy. In a recent report, Rystad Energy...

If OPEC does not act, lack of storage will begin to force shut-in of crude oil production at some locations around the world since oil demand will be unlikely to recover substantially in the coming weeks, according to a...

(Reuters) - Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and...

The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...

The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead...

Political turmoil in South America’s newest oil producing nation Guyana, coupled with falling oil prices and the COVID-19 pandemic will delay Final Investment Decisions (FIDs) for offshore projects by several months, according to Norway-based energy research and business intelligence...

Global capital expenditure (CAPEX) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020...

Global oil demand is expected to take the biggest hit in the month of April falling by nearly 16 million barrels per day (bpd) year on year, representing almost a 16% drop. Rystad Energy said this downgrade takes into...

The International Monetary Fund (IMF) says commodity exporters in South America will face all round lower export revenues as a result of the COVID-19 pandemic both from the drop in prices and reduction in export volumes, especially to China, Europe...

(Wood Mackenzie Analysis) The coronavirus outbreak has derailed OPEC+, thrown the oil market into turmoil and sent an already unloved sector into freefall, setting in motion a chain of events that led to the biggest fall in the oil price...