PetroVietnam President and CEO Le Manh Hung presided over an October 7 online meeting on production and business results in the first nine months of 2020 Given the heavy impact of the pandemic and falling global oil prices with almost no sign of stability, the Organization for Economic Cooperation and Development (OECD) has forecast a negative growth rate of 4.5 percent for the 2020 global gross domestic product (GDP). Specifically, EU countries were forecast to face a negative GDP growth of 7.9 percent; the US minus 3.8 percent; Russia minus 6.8 percent; France minus 7.3 percent; the UK minus 10.1 percent; and India minus 10.2 percent. Meanwhile, reputable energy organizations predicted global aggregate demand for crude oil would decrease by 0.5-1.0 million tonnes in the rest of 2020 and the first two quarters of 2021 compared with August forecasts. In a September report, the Organization of the Petroleum Exporting Countries (OPEC) forecast 2020 global demand for oil would decline by 9.46 million barrels per day, more than the 9.06 million barrels forecast in August. Due to declining demand for "black gold" and the shift to renewable energy, many oil and gas giants face losses and had to cut their staff… Read full this story
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