Oil steadied near a three-week low as the rapid global spread of the delta virus variant prompted a reassessment of the demand outlook.
Indonesian upstream regulator SKKMigas does not expect operations at BP’s Tangguh liquefied natural gas (LNG) Train 3 project, which is under construction, to start until mid-2022, due to delays caused by the COVID-19 pandemic.
In the last year, the Covid-19 pandemic has increased the risks of working in what was already one of the most hostile environments on Earth. But, with the first anniversary of the outbreak not long in our collective rear-view mirrors, offshore workers in the North Sea are facing a twin threat: emerging new variants of the virus and increasing Covid-fatigue and complacency.
Oil slipped back below $40 a barrel in New York with demand concerns keeping prices in check after crude was swept up in a broader market rally following news of a potential coronavirus vaccine breakthrough.
Russia’s oil minister returns to Vienna on Friday for a tense meeting with the country’s OPEC allies, as the cartel engages in a high-stakes diplomatic gamble that risks a price crash if it backfires.
The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios.