.png)
Industry spotlight When we looked at the oil and gas sector at the end of last year, it was undergoing a Lazarus-style comeback after what was a near death experience during 2020, caused by a wholesale collapse in energy prices after the shutdown of the global economy due to Covid-19 lockdowns. Since then, we’ve seen prices rebound strongly partially due to lost capacity as a result of OPEC members slashing output to as low as 22.5m barrels a day in June 2020, and well below the levels of 32.9m barrels a day that were being pumped out in October 2018, as Brent crude prices bottomed at about $15 a barrel during April 2020. Russian output also fell sharply during that period from a peak of just over 11.3m barrels a day, to a low of just below 9m, before undergoing a steady recovery to levels just above 10m at the end of last year, according to the EIA. Having been horribly burned in the early part of 2020 it would appear that neither OPEC or Russia wanted a repeat of the situation that saw the oversupply and price collapse that we saw during that period, as refinery and oil […]
CamTrader offers a preview only. View original article. www.cmcmarkets.com
