• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 8 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 1 hour Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 15 hours Trump Hands Putin Major Geopolitical Victory
  • 24 mins America Could Go Fully Electric Right Now
  • 9 hours Those Nasty White People and Camping Racism
  • 5 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 3 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 4 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 hours Buying votes is cool now.
  • 11 hours The Truth about Chinese and Indian Engineering
  • 20 hours Brent above $45. Holding breath for $50??
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days Open letter from Politico about US-russian relations
  • 2 days Trump is turning USA into a 3rd world dictatorship
Are Oil Majors Giving Up On Guyana?

Are Oil Majors Giving Up On Guyana?

Guyana has become a hotspot…

Has The Oil Market Finally Turned A Corner?

Has The Oil Market Finally Turned A Corner?

August is usually a bad…

Editorial Dept

Editorial Dept

More Info

Premium Content

The Coronavirus Impact On Oil Demand

Market Movers

- Rystad Energy this week predicted that because of the coronavirus, global oil demand would grow by only 820,000 bpd this year, down from its earlier forecast of 1.1 million bpd. With respect to oil prices, while the coronavirus has shaved demand and brought down prices, this week has seen a rebound, but if conditions get worse speculators expect output cuts to offset demand issues.

- Overall global oil and gas deal volume shed nearly 18% in 2019, while overall global deal value was down nearly 11% for the year, thanks to stagnating commodity prices and poor returns (EY). Based on information from GlobalData, December 2019 saw $37.6 billion in oil and gas deals globally, over 200% more than in November 2019, but only ~7% more than the previous 12-month average. The number of deals, however, was down nearly 4% compared to the previous 12-month average.

- Qatar is working to either re-route or reschedule LNG shipments to China due to the coronavirus outbreak. This emerges after the previous week’s announcement by CNOOC, the largest Chinese importer, that it had declared force majeure on LNG deliveries with three suppliers due to the virus outbreak. On Thursday, four LNG tankers that were headed for North Asia were diverted over reduced Chinese demand.

- Total (TOTF.PA) is contemplating stopping fuel oil sales - a carbon-intensive petroleum product -for use in power generation, as the French energy giant jumps on the environmental…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News