REPYF - European Oil & Gas Majors Take Action
By Nadege Tillier, Senior Credit Analyst & Warren Patterson, Head of Commodities Strategy
Already suffering from oversupply, the Covid-19 outbreak is pushing the energy sector to revise its business plans for 2020
Bearish oil fundamentals prompt major rethink
At the start of the year, the International Energy Agency ((IEA)) was expecting that oil demand over 2020 would grow by 1.2MMbbls/d. Clearly, the spread of Covid-19 and the resulting country shutdowns and travel restrictions have changed that projection, with oil demand now expected to contract over 2020. What's less clear is precisely how much demand destruction