Published on 20 Jun 2024 on Offshore Technology · via Yahoo Finance
Covid-19 creates supply and demand crisis for oil and gas
Supply and Demand Crisis in Oil and Gas Post-COVID-19
The oil and gas sector has suffered a tumultuous start to 2020 in the wake of Covid-19. Overall, the energy sector – a key pillar of many FDI strategies – is forecasted by GlobalData to face downward earnings revisions of 208% in 2020, with the shock compounded by the oil price crash.
Oil prices have decreased by around 50% since January 2020, with the US market reporting record lows. With countries on lockdown there is significantly less of all activity, and the demand for oil and gas has fallen spectacularly.