After weathering the storm that was the price collapse of 2014, the oil industry has again been hit in recent months by two new blows almost simultaneously: oversupply (caused by the failure of negotiations between Saudi Arabia and Russia to agree on production cuts and the aggressive response of the former); and a demand shock (reflecting the economic impact of the Covid-19 lockdown).
https://www.energyvoice.com/promoted/238975/decommissioning-beyond-the-challenges-of-oversupply-pandemic-and-recession/
Photo Credit: Energy Voice
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