April 2020 UPDATE

UPCOMING WEBINARS

Rystad Energy's COVID-19 Webinar:
Energy Transition

Content Webinar

April 30, 2020

Learn More & Register

Rystad Energy's COVID-19 Webinar:
A focus on government responses

Content Webinar

May 6, 2020

Learn More & Register

 

Oil market uncertainty in the age of COVID-19
Content Webinar (External)

April 30, 2020

Learn More

 


We are adapting to the current digital workplace and hosting numerous webinars going forward, some on short notice. Follow our webinar page to make sure you don't miss out on any relevant content for you.


LAST BUT NOT LEAST

Explore Rystad Energy's data and analytics universe
Find out more and try for free!

Follow us on our social media platforms:

  

Company Newsletter Subscription: If you are not yet a subscriber to this email, please fill out the subscription form

INDUSTRY VIEW

"Canada’s upstream spending set for 20-year low, while 2Q shut-ins likely to reach at least 1.2 million bpd"
In light of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion.
Read More

"US dumps coal much quicker than it thought, coal’s use for power in 2020 set for new 40-year low"
The decline in coal use for energy in the United States has been much quicker than what the country has anticipated for several years, with its use for electricity generation always landing lower than projections.
Read More

"Gasoline, the refiner’s favorite child, is the key fuel behind the global oil demand doom"
As the global population puts the breaks on ground transportation thanks to lockdowns, road fuels – which make up about half of the world’s oil demand – has become the segment most impacted by the Covid-19 pandemic.
Read More

"COVID-19 demand update: Oil seen down 10.4%, jet fuel down 31%, road fuel down 10.5% in 2020"
Rystad Energy’s weekly comprehensive Covid-19 report calculates the effect of the novel coronavirus in our lives and offers updated estimates for global fuel markets.
Read More

"US fracking set for the biggest monthly decline in history as oil prices collapse and Covid-19 persists"
The Covid-19 pandemic has ravaged global oil demand and, coupled with the extremely low price levels brought on by the wide supply surplus, is likely to cause the largest monthly drop in fracking activity ever recorded in the US.
Read More

"Global OCTG demand to decline by 15% in 2020 and prices set to fall; US to take the biggest hit"
The energy metals sector is bracing for a major backlash, as the Covid-19 pandemic and low oil prices are taking a heavy toll on global demand for OCTG (oil country tubular goods).
Read More

"Seismic industry revenues to nearly evaporate in 2020, falling by 51% at $30 oil and by 77% at $20"
The Covid-19 pandemic and the current low-oil-price environment have pushed global exploration and production operators to cut costs, scrapping all but the most vital of their investment plans.
Read More

"Global shut-ins surge: Canada, Iraq and Venezuela lead the 2 million bpd wave"
After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. 
Read More

"$20 oil will not devastate UK production, but it is not a pretty picture"
With the reality that Brent oil prices are scratching closer and closer to $20 per barrel, shut-ins are already happening around the world. 
Read More

"Brazil tops savers list as countries with currencies hit by Covid-19 see production costs shrinking"
Global currencies have depreciated against the US dollar, reeling from the impact of the Covid-19 outbreak and the oil price slump.
Read More

"US shale oil output set to drop in 2020 as cuts forecast to reach more than 2 million bpd in last quarter"
Due to the combined effect of the Covid-19 pandemic and the low oil prices, US shale operators are reducing spending, production and overall activity in 2020.
Read More

"Cobertura! Or how Mexico became the unlikely OPEC+ deal winner, really cutting 50,000 bpd at most"
Russia and Saudi Arabia had reached a compromise, and with them almost all of the other oil producers of the OPEC+ alliance were ready to seal a deal that would translate into the largest-ever agreement by the group to reduce its oil output.
Read More

"US crude stock builds break records as refinery runs forecast to fall by 3.8 million bpd in April"
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million barrels was sent into storage.
Read More

"Covid-19 and low oil prices could cancel more than half of 2020’s licensing rounds globally"
More than half of the world’s planned licensing rounds are likely to be cancelled this year due to the combined effect of the Covid-19 pandemic and the ongoing oil price war.
Read More

"Covid-19 to pause up to 3GW of wind and PV projects in Australia"
Covid-19 has hit the Australian Renewables industry hard. The falling Australian dollar is the primary reason for the delays and cancelations of the financial close of up to 3 gigawatts (GWac)of projects. 
Read More

"Shut-ins are here! Canada leads global list of those in trouble, set to see above 1.1 million bpd halt"
The Covid-19 pandemic has devastated global oil demand while producing countries fail to agree on output cuts, and as onlookers have predicted, it was a matter of time until shut-ins would start.
Read More

"Offshore drillers to see contract cancellations of up to $3 billion till 2021, many to need restructuring"
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling in particular is among the most affected industry segments. 
Read More

"US set to fill one third of its available crude oil storage capacity in April as production still going strong"
The Covid-19 pandemic has demolished global oil demand and as producing countries continue to quarrel over output cuts, stocks are building by the day.
Read More

"Targeted billion-barrel oil resources at risk as world’s top exploration wells for 2020 may face delays"
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.
Read More

"Brake on US oil drilling! Active rigs are dropping by record margins, set for an overall 65% fall"
Due to the combined global effect of the Covid-19 pandemic and the ongoing oil price war, the American oil and gas industry is stepping heavily on the brake pedal and is reducing drilling at record speed.
Read More

"A downturn silver lining: Permian gas flaring has decreased and is expected to fall further in 2020"
The combined effect of Covid-19 and an ongoing oil price war has ushered in one of the worst downturns for the energy industry in modern history.
Read More

"OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia"
A month after the last unproductive OPEC+ meeting and with Covid-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. 
Read More

"Up to 42% of Australian gas resources uneconomical at current LNG netback prices"
With global oil markets in turmoil, gas markets have also fallen victim to the double whammy of the Covid-19 demand destruction and an OPEC-Russia crude price/supply war.
Read More

"Heavily indebted US upstream industry on track for record number of Chapter 11 filings in 2020"
Whiting Petroleum this week opened the door of Chapter 11 filings but will not be the only company to cross that threshold. 
Read More

"Not much fat to cut: E&P operators will only be able to reduce supply chain costs by up to 12% in 2020"
In the downturn of 2020, global E&P operators will only be able to cut supply chain costs by up to 12%.
Read More

"Global natural gas prices for 2020 expected even lower, set to feel Covid-19 symptoms for years"
The world’s demand for natural gas is being impacted by the Covid-19 pandemic, and although it will not be curtailed to the same extent as oil, Rystad Energy estimates international gas prices will reach lower averages than previously expected in 2020.
Read More

"The oilfield services industry is already starting to feel a new downturn"
Covid-19’s oil demand destruction is set to surpass 20 million barrels per day over the next two months and Rystad Energy estimates that the overall oil demand growth could decline by 9.5 million bpd year-over-year in 2020.
Read More

"US rig count in freefall, giving OPEC+ confidence in shale output drop"
While the OPEC+ group discussed historic output cuts last week, independent US oil and gas producers kept lowering their capex and activity for financial reasons as a response to lower oil prices.
Read More

"Ammonia producers dominate hydrogen pilot projects in Australia"
As the Australian Hydrogen (H2) market matures, industry players are entering the “foundation and demonstration” phase with ammonia producers dominating the country’s Helectrolyser development pipeline.
Read More

"Russian gas production reached an all-time high of 70.8 Bcfd in 2019"
Russia’s gas supply is largely supported by contributions from mature producing fields, as well as recent startups such as Gazprom’s Bovanenkovskoye and Novatek’s South Tambeyskoye fields.
Read More