Projections from the U.S. Government and bad news on the employment front commanded considerable attention among Rigzone’s readership recently. Keep reading for details in this breakdown of top articles linked to the downstream from the past week.
EIA Raises Oil Price Forecasts
One of the most viewed articles this week among Rigzone’s downstream readers is this staff-written piece detailing rosier outlooks for the West Texas Intermediate (WTI) and Brent crude oil benchmarks. In its latest short term energy outlook (STEO), the U.S. Energy Information Administration (EIA) revised upward its WTI and Brent price forecasts for this year and next. Compared to its STEO projections from May, EIA hiked its 2020 WTI and Brent forecasts by 16.7 and 11.4 percent, respectively. The revised STEO figures for 2021 increased by a more modest 1.3 percent for WTI and 1.5 percent for Brent.
BP to Cut Nearly 10,000 Jobs
Citing the need to control costs amid the oil market slump, BP plc revealed Monday that it plans to reduce its headcount by nearly 10,000. The job cuts equate to approximately 14 percent of the supermajor’s global workforce. BP CEO Bernard Looney stated the majority of jobs affected will be office-based. Looney added the company will begin soliciting volunteers for its employee redundancy plan, which includes a “substantial severance package,” on June 15.
Oil Climbs After Libya Shuts Key Field, Demand Perks Up
Another article with some bearing on the downstream that captured readers’ attention is this Bloomberg oil market recap from Tuesday. As the news service reported, the shutdown of a major oil field in Libya as well as anticipation surrounding the release of new U.S. market data boosted crude futures. Bloomberg also stated that optimism about the direction of U.S. demand has buoyed the market.
To contact the author, email mveazey@rigzone.com.
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