Coronavirus Downturn Will Wipe Out 6.3% Of Global Oil Supply By 2030

FORBES | The world's oil supply may fall by over 6% come the end of the decade on account of investment delays initiated by energy companies in the wake of the global coronavirus or Covid-19 pandemic, according to fresh industry research.

Recent weeks have brought negative oil prices in step with industry capital and operating expenditure cuts. Oil benchmarks West Texas Intermediate and Brent are trading 80% and 60% lower respectively since the start of 2020 on forecasts of dire near-term crude oil demand with several countries in coronavirus lockdowns.

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