BPAQF - The Oil And Gas Industry Likely Heading For A Long-Term Downfall
Summary
- OECD liquids production continues to rise quarter on quarter, putting downward pressure on the price of oil.
- Significant share repurchase programs led by Exxon Mobil and Chevron Corporation keep the share price of these companies from falling.
- In August 2022, India's crude oil imports fell to a ten-month low reaching 4.1 million barrels per day, down 13.8% from the previous month.
- India's economic indicators, including industrial production, continue to deteriorate from year to year, which leads to a slowdown in the country's GDP growth.
- The Chinese government continues its zero-tolerance COVID-19 policy, which leads to a weakening of economic and social activity and thus negatively affects domestic demand for gas and oil.
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The Oil And Gas Industry Likely Heading For A Long-Term Downfall