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Oil Market: Where is the Bottom?
Industry Segment: Production | Word Count: 1107 Words
Attachment: Oil & Gas Capex Decline
SUGAR LAND--March 30, 2020--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--March was a cruel month for Oil & Gas producers, their investors, their suppliers and their employees, and the worst may be yet to come. Hammered by collapsing demand triggered by the COVID-19 pandemic and an oil market flooded by Saudi Arabia and Russia, crude oil prices fell 50% during March. Although the oil industry was designated as an "essential" business for the COVID-19 outbreak, a designation that is expected to keep their employees on the job, weakened demand and rapidly filling storage means rig laydowns and job cuts are expected in the near future.
Companies featured: Barclays plc (NYSE:BCS), Goldman Sachs Group Incorporated (NYSE:GS), Exxon Mobil Corporation (NYSE:XOM), Royal Dutch Shell Plc (NYSE:RDS.A), Occidental Petroleum (NYSE:OXY)
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