Rystad Energy’s newest forecast for oil demand now projects a decrease of 9.4 per cent for 2020, or 9.4 million barrels per day (bpd) y-o-y

Oil and gas company ExxonMobil said it is reducing its 2020 capital spending by 30 per cent and lowering cash operating expenses by 15 per cent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic

Oil industry company MOL Group has stated that the operational and capital expenditures will be reduced materially to preserve cash and to allow MOL to manage through challenging times even in the case of a longer lasting crisis

Rystad Energy said the US horizontal oil rig count is poised to drop by an estimated 65 per cent due to the combined global effect of the COVID-19 pandemic and the ongoing oil price war