US upstream companies feel the strain
Economic uncertainty forces E&Ps to significantly revise down their capital budgets
The Covid-19 outbreak seemed little more than another temporary shock to long-term rangebound energy markets barely a month ago. China appeared to have contained a largely localised phenomenon, and observers were estimating how long it would take Asian demand to recover. Oil producers stuck firmly to their 2020 production guidance. But events have changed radically. Europe is now the epicentre of a global emergency that could last months and test the healthcare capabilities of governments throughout the world. The associated collapse in global energy demand—and uncertainty how and when supply will respond in the wake of Opec+ disarray—have shocked commodity markets. “The weak global economy

Also in this section
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030