Oil markets have finally found stability
As America reopens, it seems oil prices have finally found some stability despite growing fears of a looming second coronavirus wave.
IEA expects oil demand to take 2+ years to recover
Global oil demand will rebound next year as the world emerges from the coronavirus pandemic. Still, recovering to pre-crisis levels may take a couple of years, the International Energy Agency said.
Venezuela’s oil exports plummet as shipping contracts get suspended
Venezuela’s oil exports have fallen nearly 28% in the first half of June, on course for the lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude oil, according to documents and data on Tuesday. Shipping firms are avoiding Venezuela after the United States earlier this month blacklisted four vessels and their owners for transporting the country’s crude.
The “Second Wave” of COVID-19 could crush oil markets
Across the U.S., infections are rising in many states, even as Americans display weariness and reluctance to continue with mask-wearing and social distancing guidelines. However, unlike in March and April, where the epicenter of the pandemic was New York, the new explosions of cases are more concentrated in the South.