Global oil revenues could plunge by 40% by 2020, according to Rystad Energy

Accepted on June 6 by the members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies in the OPEC + alliance, the extension of the reduction in oil production may not be enough to revive the sector in the short term. In a note published in the wake of the OPEC+ announcement, the specialist consultancy Rystad Energy estimates that oil and gas revenues could plunge by 40% in 2020 compared with 2019. If confirmed, this could result in a 25% reduction in investment in the sector in the first half of 2020, to USD 410 billion, according to Rystad Energy.