Do we play as a team or individuals? How should we take on the challenge of the unpredictable turbulence of today’s business environment? Our industry faces a triple whammy of pressures from operational disruption due to Covid-19, massive reductions in demand for our product and a globally oversupplied market.
How can energy supply chain companies weather the perfect storm of the oil and gas price crash, Covid-19 lockdown and social distancing, pressure to fully decarbonise and, of course, Brexit?
The FTSE 100 started the week slightly in negative territory but oil prices were up amid hopes new production cuts can reduce a massive global oversupply.
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
Brent crude oil was up by nearly 8% to $26.16 per barrel by the London market close today.
Oil rallied for a second day as global production cuts deepened and signs of a recovery in physical markets emerge.
Dutch geo-data services firm Fugro said this morning that it would reduce its headcount by up to 10% in response to the “deterioration in market circumstances”.
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Brent crude oil was up by 7.3% at $24.4 per barrel, as of 6pm.
Share price growth for oil majors BP and Shell boosted the FTSE 100 yesterday, with London’s blue-chip index rising 111.1 points, or more than 1.9%, to 5,958.5.
European markets started the week in positive territory, with all the leading financial indices enjoying gains yesterday.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Where were you when oil prices went negative, Grandpa?
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.
Worley is the latest energy firm to announce a number of job losses at its Aberdeen base as a result of the coronavirus pandemic.
Brent crude had edged up just over 1% to $21.55 a barrel by the London market close today, making it three days of gains on the trot in a historic week for oil prices.
The price of Brent crude has continued to recover today after the oil price rout of earlier this week.
Hefty impairments plunged TechnipFMC into the red in the first quarter of 2020 as the energy services firm felt the impact of the oil price slump and Covid-19 outbreak.
Energy services firm Baker Hughes sank deep into the red during the first quarter as the oil price rout and Covid-19 pandemic took their toll.
Brent oil enjoyed a better day on the markets on Wednesday despite warnings a barrel of the crude may become “cheaper than a latte”.
Norway has said it will soon decide whether to cut its oil production to help support plummeting prices.
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
The descent of US crude prices into negative territory is a “body blow” to a creaking oil and gas sector, an industry leader has said.
The world’s two leading oil price benchmarks suffered contrasting fortunes today amid ongoing supply and demand fears.