In a time of unprecedented economic retraction and revenue loss, it is imperative that shippers monitor and control costs closely.
The situation is even more dire for oil and gas companies. Unfortunately, COVID-19 is not the only major headwind for the industry. Global tensions have been boiling throughout 2020 as Saudi-led OPEC battles with Russia over oil supply. That is not to say that COVID-19 does not pose significant challenges; it has indeed thrown the industry on its head. Futures contracts have settled negatively, there are hundreds of tankers floating without a destination, and retail gas prices have nearly halved.
To better understand expectations and attitudes toward various types of risk during the COVID-19 pandemic, FreightWaves and nVision Global partnered to conduct a survey of oil and gas company executives. It is clear that the coronavirus poses a serious threat to the industry, but it is not the only issue plaguing oil and gas companies.
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