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GlobalData
GlobalData

Oil & Gas

Surplus volumes amid global drop in oil demand due to COVID-19 leaves oil companies grappling for storage space, says GlobalData

Oil companies are dealing with a plethora of challenges due to the sudden decline in demand amid the COVID-19 pandemic. Distant storage locations increase costs as transportation fees get factored in with storage fees. Additionally, the relatively short shelf life of gasoline and jet fuel, and the limitations of storing light crude alongside heavy crude, […]
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China to spearhead Asian refinery hydrocracking units’ capacity growth by 2024, says GlobalData

China is expected to lead the Asia’s refinery hydrocracking units’ capacity growth, contributing around 57% of the region’s total capacity growth by 2024. China is likely to add 688 thousand barrels per day (mbd) of hydrocracking units’ capacity by 2024, says GlobalData, a leading data and analytics company. The company’s report, ‘Global Refinery Hydrocracking Units […]
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COVID-19 triggers delays in projects and investment decisions in European petrochemical sector, says GlobalData

The COVID-19 outbreak has damaged supply chains and impacted labor availability across Europe, which has direct implications on upcoming petrochemical projects currently under construction/commissioning and scheduled for startup this year. Any potential delays in construction/commissioning of these plants in 2020 may spill over to 2021, and could potentially affect the scheduling for next year as […]
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Over US$85bn of 2020 forecast expenditure erased from oil and gas sector

To protect balance sheets, maintain shareholder pay-outs and preserve cash, oil and gas companies have gone into survival mode, reducing forecast expenditure where possible to weather the impacts of COVID-19 and oil market volatility, says GlobalData, a leading data and analytics company. Daniel Rogers, Oil and Gas Analyst at GlobalData, comments: “The bearish near-term outlook […]
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Q1 oil industry results reaffirm industry instability

Following the release of Q1 results from several oil and gas companies; Ella Benson Easton, Thematic Analyst at GlobalData, a leading data and analytics company, offers her view: “This year has seen extraordinary volatility in the oil and gas industry. The decline in the cost of renewable energies, an oil price war and COVID-19 have […]
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COVID-19 hampers oil and gas services industry business outlook

The COVID-19 pandemic impact has devastated crude oil demand as the majority of the end user industries are witnessing a slowdown amid lockdowns. This market environment coupled with crude oversupply concerns is creating an imbalance resulting in a crude price crash. Companies across the oil and gas value chain are re-evaluating their capital expenditure (capex) guidance […]
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Effects of negative WTI will be felt for years, says GlobalData

Following the news that theWest Texas Intermediate (WTI) plunged into negative territory; Indrajit Sen, Oil & Gas Editor at GlobalData, a leading data and analytics company, offers their view: “WTI’s dive into negative territory has highlighted just how weak demand for crude oil currently is, and it is a stark warning to oil-producing countries and companies […]
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