Page 6 - LatAmOil Week 45

LatAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) LatAmOil

NRG: COVID-19 vaccine lifts hopes

This week saw a number of optimistic upstream announcements, but with COVID-19 cases on the

rise in North America and Europe, there is cause for concern for the sector’s short-term outlook

GLOBAL WELCOME to the latest edition of NewsBase’s certainty about the election outcome. But the
Roundup Global (NRG), in which our team of greater factor was Pfizer and BioNTech reporting
international editors provide you with a snap- very promising results from their experimental
shot of some of the key issues affecting their coronavirus (COVID-19) vaccine. The vaccine
regional beats. Get the NRG Oil & Gas Editor’s has been found to be over 90% effective based on
Picks to your inbox every week for free. Just sign initial trial results, the partners said on November
up here. 9. Based on current projections, the pair expect to
In the US, Joe Biden has been declared Presi- produce up to 50mn vaccine doses in 2020 and up
dent-Elect after clinching enough states to win to 1.3bn doses in 2021.
the necessary 270 electoral votes. But as widely Brent futures surged from $39.5 per barrel on
expected, Donald Trump has disputed the result November 6 to a closing price of $42.4 on Novem-
and his team has launched legal action in several ber 9, although the benchmark lost some of this
swing states. gain on November 10. West Texas Intermediate
Biden’s administration will seek to put the US on (WTI) likewise surged to $41.2 per barrel, from
a path to reaching net-zero emissions by 2050, and $37.1.
take the country back into the Paris Agreement. In the eyes of traders, a widely available vaccine
The US oil industry will face greater restrictions on should ensure no future lockdowns, shoring up
development and energy infrastructure projects fuel demand. But it will not arrive overnight and
will likely have to go through a tougher permitting in the meantime, the world remains in the grip of a
process. COVID-19 second wave, with the risk of additional
Oil surged this week, partly owing to added travel restrictions being imposed..

P6 www. NEWSBASE .com Week 45 12•November•2020