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, wh
Also in this section
20 February 2026
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
20 February 2026
Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
20 February 2026
Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
