Experts Expect Tough Second Half Ahead for Oil Sector

Despite an already painful year so far, even tougher times could be ahead for the oil and gas industry as the market might takes years to rebalance, according to a panel of experts.

The insight was delivered during a recent webinar as the oil and gas industry moved deeper into the third quarter following a chaotic second quarter marked by plummeting demand, oversupply, tanking oil prices and a global pandemic that could enter a second wave. Oil producers across the world, including OPEC+ and those in the U.S., cut production to help ease the crisis.