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Norvergence: COVID-19 Unprecedented Impact on Oil Demand and LNG

Norvergence: Fall in crude oil prices and decreased interest from end-customers markets during the COVID-19 pandemic has altogether affected the oil and gas industry constraining organizations to defer speculations and slow down existing tasks until the circumstance improves.

Oversupply and curbed demand have made lopsidedness in the oil and gas industry, as indicated by Global Data. A drop in demand for petrochemicals in China, which has around 29% of the worldwide limit, has affected the oil and gas industry and its supply chain.

The impact of the oil value crash and COVID-19 on the conveyance of governments’ decarbonization plans stays indistinct. The International Energy Agency, EU pioneers, and different resource chiefs have all reaffirmed their responsibilities in various manners to the vitality change. News is likewise anticipated from the European Commission over the coming days.

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