Minimise disruption from oil price shock

The oil and gas industry has recently been impacted by two major shocks – reduced economic activity due to the COVID-19 outbreak, and the impact of the price war between Russia and Saudi Arabia. These have led to:

Oil prices falling by nearly two-thirds since the start of 2020
Declines in demand for petroleum-based products and weakening refining margins leading to production rate cuts, specifically in China, but now spreading globally

To react to these shocks, the oil and gas industry – especially upstream and refining – is focussing on identifying and capturing rapid cost reduction opportunities in four key areas:

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To identify and capture rapid cost reduction opportunities, your organisation needs to take five key steps:

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Our oil and gas experts

For over 25 years we’ve been known for quick execution – ‘making things happen’ – real, measurable, and sustainable results. We often work remotely, as appropriate, and continue to work with our clients to help them deliver results during the virus crisis.

Our oil and gas experts would be happy to share industry observations and insights with you, based on ongoing conversations with our oil and gas clients around the globe. Feel free to reach out to schedule a call with us.