The COVID-19 pandemic and weak global economic outlook, coupled with fragile energy demand has resulted in a decline in oil and gas prices
Exploration
COVID crisis deepens energy efficiency slowdown
The already sluggish pace of global progress on energy efficiency is set to slow further this year as a result of the economic impacts of the COVID-19 crisis, deepening the challenge of reaching international energy and climate goals and making stronger government action critical, according to the International Energy Agency (IEA)
OPEC+ agrees to increase output by 500,000 b/d in January
Despite concerns on oversupply for Q1 2021, the group agreed to increase output by 500,000 b/d in January. Production restraint is set at minus 7.2 mmbbl per day instead of the Q4 2020 level of minus 7.7 mmbbl per day
West Africa oil and gas midstream market to register 1.54% growth
The West Africa oil and gas midstream market is expected to register a CAGR of more than 1.54% during the forecast period of 2020-2025, according to ResearchAndMarkets
Oilfield service purchases to lose US$340bn until 2028
The projection of a cumulative loss of US$340bn over the next eight years comes as peak oil demand will arrive earlier and at a lower level than expected, meaning E&P investments will be reduced.
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