The effects of COVID-19 are reaching all aspects of our day-to-day lives. Stock markets are being hit hard, businesses are closing, and people are staying at home. On this episode we give an update on the rapidly changing situation considering the escalating impacts on the United States and Europe, and implications for oil demand.
Amidst all this demand destruction, Saudi and Russia seem intent on increasing their oil production. Reacting to the collapse in oil price North American publicly traded oil and gas companies are putting the brakes on spending, with serious implications for oilfield service firms.
We also revisit the world’s worst pandemic that occurred during the mid 1300s, considering the energy lessons from way back then. See ARC Commentary “Energy Lessons from the Great Plague.”
Click here to see the latest ARC Charts, including our current estimate for Canadian oil and gas industry revenue, cash flow and spending.
Click here to see an interactive map of COVID-19 situation globally and by country using data from the World Health Organization (WHO).
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