Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.
After decades of dominance, America’s largest energy company Exxon Mobil Corp. (NYSE: XOM), has finally ceded its position as the world’s second most valuable energy company to India’s Reliance Industries (NSE: RELIANCE).
The downstream industry has been affected particularly severely by the unique combination of events that unfolded this year. On the one hand, the coronavirus pandemic decimated demand for their products, and on the other, OPEC+ reduced production, raising prices.
Norwegian oilfield services company Aker Solutions has won a contract extension from ExxonMobil for the provision of engineering, procurement, and construction (EPC) services for the Hebron platform, offshore Newfoundland, Canada.
A very slow recovery in jet fuel demand will drag on global oil demand for at least another two years as overall passenger traffic numbers continue to be low and mandatory quarantines continue to stop people from traveling on international flights.