Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.
- Brent has retreated from above $41/bbl to c. $38/bbl now, briefly at $37/bbl yesterday, as US inventories build again and the macro picture darkens
- OPEC+ extended their agreement by one month, with Mexico leaving the group on schedule, as expected
- Given how easily Saudi Arabia accepted further assurances of compliance, it is plausible all the compliance chatter pre-meeting was a way of talking up the price
- The OECD downgrades its group GDP growth forecast to -7.5% for 2020, falling to -9.3% if a second wave of infections hits
- Our latest Shale Monitor report tracks how 2Q20 is shaping up to be the worst ever for the sector – read it here
- Tax relief in Norway has seen some project resumptions from Equinor and Aker
- Equinor has also made a small find around Bay du Nord, potentially raising the possibility of a fresh frontier area for drilling