Ten signs the oil industry is bent out of shape - Reuters:
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals.
International crude oil prices have lost about 45% this month and fallen below the cost of much of the world’s production, causing energy companies worldwide to slash spending by tens of billions of dollars.
The collapse in demand and of energy diplomacy between Saudi Arabia, Russia and others have triggered unprecedented responses from governments and investors. Here are ten signs of an industry in distress.
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals.
International crude oil prices have lost about 45% this month and fallen below the cost of much of the world’s production, causing energy companies worldwide to slash spending by tens of billions of dollars.
The collapse in demand and of energy diplomacy between Saudi Arabia, Russia and others have triggered unprecedented responses from governments and investors. Here are ten signs of an industry in distress.
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