The Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ agreed on Sunday to cut crude oil production by 9.7 million barrels per day (bpd)to support the sliding oil prices, but the decreased production levels are nowhere near expectations, according to Takashi Tsukioka, president of the Petroleum Association of Japan.
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The Coronavirus pandemic has affected not only the lives of people but the economy as a whole too. Additionally, the crisis has drastically reduced the production and demand of many products, including having an unprecedented impact on the market for oil and petroleum products. The global oil demand is staggeringly low as coronavirus has forced people to remain indoors and avoid all travel. As around two-thirds of the world’s population is in a state of lockdown, and no one is traveling, driving, or flying, there is a reduction in the use of crude or its derivatives. As such, the consequences of the reduced demand in the oil market is enormous, with refineries and oil producers all facing an uncertain future.INDUSTRY LEADERS MAGAZINE has created a consolidated catalog of the world’s largest renewable energy projects that are operational presently. https://www.industryleadersmagazine.com/power-of-nature-largest-renewable-energy-projects-in-the-world/
“Energy giant ConocoPhillips has agreed to divest assets in the San Juan Basin in the Southwestern U.S. to Hilcorp Energy Company for $3 billion.” https://www.industryleadersmagazine.com/conocophillips-sell-3-billion-worth-assets/
Apple Inc. has hired Timothy Twerdahl, the former head of Amazon Fire TV, as VP of Apple TV. The hiring comes at a time when Apple TV is struggling to operate at a profit. Twerdahl replaces Pete Distad, who has now moved to Apple’s content team, run by Eddie Cue. https://www.industryleadersmagazine.com/apple-inc-hires-amazons-timothy-twerdahl-vp-apple-tv/
https://www.industryleadersmagazine.com/ikea-creates-syrian-home-replica-emphasize-war-destruction/
“London-based firm Zaha Hadid Architects has been commissioned to build the world’s first wooden football stadium. The 5,000-seat stadium will be built entirely from wood for the British football club Forest Green Rovers.” https://www.industryleadersmagazine.com/zaha-hadid-architects-wins-build-worlds-first-wooden-football-stadium/
https://www.industryleadersmagazine.com/worlds-most-expensive-steaks-ever-sold/
https://www.industryleadersmagazine.com/business-travel-guide-rio-de-janeiro-tips-first-time-travelers/
“Social Media Acquisitions – Which Giant Will Buy Twitter?” https://www.industryleadersmagazine.com/social-media-acquisitions-giant-will-buy-twitter/
“SpaceX CEO Elon Musk reported on Tuesday that the company is assembling a huge rocket to transport people and cargo to Mars with the eventual goal of inhabiting the planet.” https://www.industryleadersmagazine.com/spacex-ceo-elon-musk-heading-inhabit-mars/
http://www.industryleadersmagazine.com/stop-second-guessing-your-decisions/