Year: 2020

COVID-19 Takes Major Toll On Australian Oil & Gas Jobs

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The Covid-19 pandemic hit Australia’s already declining oil and gas workforce hard, causing a loss of over 28,000 jobs this year, equivalent to a quarter of the country’s total count, a Rystad Energy analysis reveals. Some of these jobs will be restored from 2021 onwards, but Australia’s oil and gas workforce will struggle to recover pre-pandemic levels for at least five years – if ever, as the energy transition increasingly alters the global energy mix. In 2019, Australian oil and gas jobs numbered just over 110,000, a tally slashed by…

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Oil Markets See Light At The End Of The Tunnel

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Oil prices rose on Monday and remained steady on Tuesday morning as markets are cautiously looking beyond the COVID-19 pandemic Chart of the Week The EIA forecasts U.S. oil production remaining flat through the end of 2021. Production topped out at 12.9 mb/d (on a monthly basis) in November 2019, before falling to 10 mb/d by May 2020. Production rebounded to 10.6 mb/d by August. But with global demand unable to rebound to pre-pandemic levels until 2022 at the earliest, U.S. production will be unable to increase dramatically. Market Movers Devon Energy…

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EIA projects $43 oil, flat U.S. production in the first half of 2021

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WASHINGTON, DC – The U.S. Energy Information Administration reported that a record 12.9 million barrels per day (bpd) of crude oil was produced in the United States in November 2019 and was at 12.7 million bpd in March 2020, when the President declared a national emergency concerning the COVID-19 outbreak. Crude oil production then fell to 10.0 million bpd in May 2020, the lowest level since January 2018. By August, the latest monthly data available in EIA’s series, production of crude oil had risen to 10.6 million bpd in the…

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OPEC+ ministers warn of continued oil demand fragility

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(Bloomberg) –As OPEC+ began talks on whether to postpone January’s oil-production increase, ministers sounded cautious about the strength of global demand. Saudi Energy Minister Prince Abdulaziz bin Salman said he could see a light at the end of the tunnel thanks to the development of Covid-19 vaccines, but the market had some way to go before getting there. His counterparts from Algeria and Russia talked about bumps in the road and an uncertain winter, adding to the impression that the group is open to considering a delay. “There has been…

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Holes in budgeted, authorised and actual development spending

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When an economy takes a downturn, private investors and bankers tend to avoid much of the business risks thus the government’s development spending serves as a stimulus for economic growth and creates jobs. The capital spending on social and physical infrastructure also provides the private sector with business opportunities. However, according to the latest reported update issued by the Ministry of Finance, the government’s capacity to undertake development programmes seems to be shrinking not expanding though coronavirus/lockdown may be partially but not wholly responsible. Issues limiting development spending range from…

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