Oil and Covid-19 part two: Challenge for Opec
The cartel may need to take significant action to help balance the oil market, particularly as the potential for a worldwide pandemic remains
The current and possible future impact on oil demand and price, due to the spread of Covid-19, means that Opec and its main Opec+ partner Russia have tougher decisions in Vienna than they might have been expecting. And their decision to cut or not has blurred the global market picture. And there are supply-side variables as well. One of these is Libya, a currently supportive factor against further oil price weakness. Over 2019 as a whole, data from cargo tracking specialist Kpler showed Libyan exports consistently averaging 1mn bl/d. January’s figures fell to 700,000bl/d, and for the first three weeks of February plummeted to 65,000bl/d. “Basically, a million barrels a day of lost export, wh
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
