Permian Basin WEBINAR: What comes next? 2020 and the future. Why Russia and Saudi ‘s decision changed everything.
The talk will focus on the Black Swan event and the implications of it, thereof.
Firstly, we will look at the demand side and how COVID-19 is disrupting life. On January 1, 2020, the world consumed 100 mmbo/d of oil. Then, the reaction to the coronavirus happened. With travel restrictions, quarantines and companies having employees work from home, demand for fuel, and petroleum byproducts has plummeted.
Secondly, we will look at the supply side where Russia and OPEC+ partners are pumping more oil. They are adding AT LEAST 1.3 mmbo/d to their production levels in April. Russia is within 200 mbo/d of their high all time high. That means that 1.5 mmbo/d minimum is coming back on the market.
Then the talk will shift to what the US response has been and what it should be.
At your computer