World Oil Industry Shuts Down, Except Petronas. Tahniah Dan Syabas.
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Title : World Oil Industry Shuts Down, Except Petronas. Tahniah Dan Syabas.
Category : Malaysians
The following has been adapted from Bloomberg (via New Straits Times Singapore).
(Bloomberg) -- great swathes of petroleum industry to start shutting down
coronavirus destroyed demand (for oil) storage started filling up resorted to ocean-going tankers to store crude shipping prices stratospheric as industry runs out of tankers
specter of production shut-downs spurred world leaders to join forces to cut production scale of crisis dwarfed their efforts failing to stop prices diving below zero
shut-downs now reality It’s worst-case scenario for producers, refiners We are moving into end-gameEarly-to-mid May could be peakWe are weeks, not months, away from itU.S. shale patch leading output cuts
in U.S. rapid drop in number of oil rigs in operation last week fell to four-year low Before coronavirus 650 oil rigs in U.S. By last Friday 40% stopped working only 378 left
production needs to sl…
(Bloomberg) -- great swathes of petroleum industry to start shutting down
coronavirus destroyed demand (for oil) storage started filling up resorted to ocean-going tankers to store crude shipping prices stratospheric as industry runs out of tankers
specter of production shut-downs spurred world leaders to join forces to cut production scale of crisis dwarfed their efforts failing to stop prices diving below zero
shut-downs now reality It’s worst-case scenario for producers, refiners We are moving into end-gameEarly-to-mid May could be peakWe are weeks, not months, away from itU.S. shale patch leading output cuts
in U.S. rapid drop in number of oil rigs in operation last week fell to four-year low Before coronavirus 650 oil rigs in U.S. By last Friday 40% stopped working only 378 left
production needs to sl…
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