Page 4 - NorthAmOil Week 46

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NRG: Fading optimism

After a brief rally on positive news about a COVID-19 vaccine, oil prices are losing
steam in the face of predictions that demand is not headed for a recovery yet

GLOBAL WELCOME to the latest edition of NewsBase’s where Nigeria has altered its target date for the
Roundup Global (NRG), in which our team of passage of a new oil law and BP has scaled back its
international editors provide you with a snap- expansion plans in the offshore Mauritania/Sene-
shot of some of the key issues affecting their gal basin. In Europe, the UK is set to see oil and gas
regional beats. Get the NRG Oil & Gas Editor’s drilling decrease to its lowest levels seen in more
Picks to your inbox every week for free. Just sign than 40 years. In the Middle East, Saudi oil facilities
up here. located near the border with Yemen came under
World oil markets performed well last week, on attack. In North America, the shale sector is weath-
the back of reports that a vaccine for the novel coro- ering news of a bankruptcy and an asset sale.
navirus, the cause of the COVID-19 pandemic, There has been some good news, though. Oil
might be approved before the end of the year. India Ltd (OIL) has extinguished a long-burning
However, the rally appears to have lost steam fire at the Baghjan field, and ConocoPhillips has
already, owing to widespread expectations that reported a new discovery offshore Norway. Several
global energy demand will remain sluggish in LNG projects have continued to move forward,
the near term. The International Energy Agency and Brazil is gearing up to unload a major upstream
(IEA) took that stance in a report published on asset.
November 12, saying that rising infection rates in
Europe and the US were acting as a damper on oil Africa: West Africa in focus
and gas demand. The agency also stated that it did The Nigerian government has been pushing
not believe COVID-19 vaccines would give a sig- the National Assembly to pass the long-delayed
nificant boost to demand “until well into next year.” Petroleum Industry Bill (PIB) before year-end,
Other signs of slowdown were seen in Africa, but it has pushed its deadline back to next March.

P4 www. NEWSBASE .com Week 46 19•November•2020