The slump is putting intense stress on the entire supply chain, the ecosystem of large and small contractors, skilled and semi-skilled labor that underpins oil and gas production.
‘People are waking up to a new reality’ as the cartel may be forced to adjust.
The top four gas flaring countries—Russia, Iraq, the U.S., and Iran—continue to account for 45% of all global gas flaring, for three years running (2017-2019), the World Bank said.
The July figures imply Iraq is still some way from fulfilling its OPEC+ pledges and is exporting far more than a July loading program indicated.
U.S. Energy Secretary Dan Brouillette said the deal with India could mirror a recent plan with Australia, which in April committed to spending about $60 million to build an emergency oil stockpile.
US targets participants in the Nord Stream 2 and Turkstream natural gas projects.
The U.S. presidential election in November marks a potential turning point in U.S. policy toward all the big three producers—Russia, the U.S. and Saudi Arabia—with significant implications for the oil market.
OPEC and its allies, including Russia, have been cutting output since May by 9.7 million bbl/d, or 10% of global supply, after the virus destroyed a third of global demand.
An OPEC panel called the Joint Ministerial Monitoring Committee meets on July 15 to recommend the next level of oil production cuts.