The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates.
ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company said on Tuesday, March 17.
McDermott International, Inc. has announced that the U.S. Bankruptcy Court for the Southern District of Texas (the "Court") has confirmed the Company's Plan of Reorganization (the "Plan") and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital (the "Joint Partnership").
Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months. OPEC+ countries are locked and loaded to add between 1.5 million and 2.5 million barrels per day (bpd), which we estimate is their realistic short-term capability.
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