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Oil market shock to spill over into global supply chains – IEA

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(Reuters) – The global crisis caused by the coronavirus pandemic will be felt throughout oil’s global supply chains and ripple into other parts of the energy sector, the International Energy Agency (IEA) said in a report bit.ly/39BUOdA on Wednesday.

FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices crumbled as the pandemic slashed global fuel consumption, with further pressure from a supply shock due to the end of production cuts from OPEC producers and Russia.

Crude oil prices ended a volatile quarter with their biggest losses in history, and declined about 55% in March, the most on record. Prices also plunged to their lowest level since 2002 on Monday. [O/R]

About 5 million barrels of oil extracted worldwide every day are not attracting high enough premiums to offset the costs of extracting it out of the field, according to the Paris-based IEA agency.

Prices available to producers in Western Canada have dropped to single digits, and instances of negative prices have also emerged in parts of North America for other grades, IEA said in the report.

Oil producers have responded by implementing major reductions to their spending on new production, with the initial cuts in the 20%-35% range relative to what was previously planned for 2020, the report said.

IEA had earlier estimated 50%-85% drops in net income for selected producer countries in 2020, compared with 2019, but these declines could be even greater depending on the extent of demand shock.

Many oil majors will re-evaluate their existing portfolios, possibly leading to another wave of refinery closures.

The agency also warned against the implications of oil price collapse on other energy sectors, adding a sustained period of low oil prices would affect the prospects for clean energy transitions such as natural gas.

“Oil at $25 a barrel would leave some international gas suppliers struggling to cover their operating costs, and the depressed spot market for gas would not provide any relief.”

Reporting by Diptendu Lahiri in Bengaluru; Editing by Lisa Shumaker

Our Standards:The Thomson Reuters Trust Principles.



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55 – What part of your biz makes you cringe?

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Are there any elements of your business that make you cringe?

Today I’m chatting about how the cringe-worthy aspects of your business have an important message for you, and how listening to that message can open the way for success.

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How to Create Gmail Signature | Email Marketing Tips | Sending Email Newsletters | Part-6

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Coronavirus: June 1 to see more business re-openings | Nine News Australia

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A raft of industries will be back in business in NSW from next Monday including nail salons, but gyms are still waiting for approval. Subscribe: Get more breaking news at:

Join Nine News for the latest in news and events that affect you in your local city, as well as news from across Australia and the world.

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