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Coronavirus

Oil & Gas

Supply deal should avert ‘uncontrolled dismantling’ of industry, Rystad says

The proposed 10 million bpd cut by OPEC+ for May and June will keep the world from physically testing the limits of storage capacity and save prices from falling into a deep abyss, but it will still not restore the desired market balance. Just hours before delegates stepped into the (again virtual) closed meeting, Brent was fluttering in the mid-$30s, seemingly oblivious to the fact that even if a 10 million bpd cut is agreed upon, or even in the best-case scenario 15 million bpd if the US, Canada, Norway and Brazil join forces, an excess of supply of the magnitude of 5-10 million bpd will remain, and will need to be stored.

Opinion

How we respond in a crisis defines us

None of us have been in a situation remotely like this before. The rules and the facts are changing daily and it can be overwhelming to try to keep up with developments.

Promoted

A complete change in cultural interactions

In an ideal world, organisational change management is planned – for example, the introduction of a new HR system, the opening of a new branch or adopting new technologies.

Asia

Asian NOCs set to maintain domestic upstream spend

While most international oil companies (IOCs) have stated they will make major spending cuts this year in response to the downturn, Asian national oil companies (NOCs) are expected to maintain domestic upstream spending to help employment and economic activity levels.