Coronavirus Downturn Will Wipe Out 6.3% Of Global Oil Supply By 2030

Coronavirus Downturn Will Wipe Out 6.3% Of Global Oil Supply By 2030

I cover commodities, mostly oil & gas, often debunking risk premiums.. As a result of the market commotion, Oslo, Norway-based Rystad Energy says delayed final investment decisions (FIDs) on oil and gas projects are expected to shrink global supply of both natural resources by 5.6% by 2025.. The price crash and dip in global LNG demand delays FIDs of 7 LNG plants globally," Rystad analysts say.. Overall initial estimate of the global oil and gas project market slump suggests, production is likely to drop off by 6.3% by 2030, compared to what was expected before the price crash triggered by the coronavirus demand downturn.. Expect more cuts and more pain as the market enters the earnings season next week.. I am a UK-based oil & gas sector analyst and business news editor/writer with over 20 years of experience in the financial and trade press..