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Upstream – Darkest of times for the oil industry

Darkest of times for the oil industry

The oil market is still struggling to regain its composure following its catastrophic crash on Monday — even with top exporter Saudi Arabia signalling that it was ready to take further remedial action.

US President Donald Trump also offered soothing words, pledging his administration would “never let the great US oil & gas industry down ,” but a crushing global glut, dwindling storage capacity and the ongoing Covid-19 pandemic are proving hard to overcome.

West Texas Intermediate crude for May delivery spiralled to an eye-popping record low of -$37.63 per barrel on Monday as the contract expiry loomed with buyers unable to take delivery. WTI rebounded as Upstream went to press, rising about 20% to almost $14 per barrel with the countdown to the start of unprecedented output cuts of almost 10 million barrels per day by the Opec+ alliance led by Saudi Arabia and Russia….

Falanx Group Ltd (LON:FLX), through its subsidiaries, provides cyber defence and intelligence services to blue chip and government clients worldwide. It operates through Falanx Cyber Defence and Falanx Intelligence divisions.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.