Related Articles
Forward article link
Share PDF with colleagues

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,

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
UAE tries to ride two horses
19 October 2021
Abu Dhabi’s plans to raise oil and gas production are advancing despite the federation’s carbon-cutting pledges
Western Canada’s gas revival
19 October 2021
Midstream pipeline expansion and cautious operator spending is fuelling an uptick in prices
Oil companies missed transition pivot
19 October 2021
Shell and activist investor both agree that mistakes were made in the ’00s
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video