‘US$20 oil not far off as OPEC+ is capable of unleashing 2.5 million extra bpd’
Oil prices could fall into the low US$20 for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months
Industry
Logan Industries secures 10-year condition-based monitoring contract
Logan Industries (Logan), a hydraulic repair, manufacturing and rental company, has signed a 10-year contract to provide condition-based monitoring (CBM) programme for wireline tensioners on behalf of Diamond Offshore, a major drilling contractor with global operations
‘US drilled but uncompleted wells first to feel fright as oil price bungee jumps’
Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly formed low price environment, as their breakeven costs are now only dollars away from market prices
Oil price collapse could trigger new phase of industry restructuring: Wood Mackenzie
As global markets reel in the wake of the oil price crash, Wood Mackenzie’s Tom Ellacott said, “The price collapse could be the trigger for a new phase of deep industry restructuring - one that rivals the changes seen in the late-1990s
Oil prices plunge on failure of OPEC/non-OPEC talks
Oil prices have plunged following the collapse of the OPEC/non-OPEC talks on production cuts and Saudi Arabia’s subsequent announcement that it will increase production from next month
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