In 2020, some more smaller oil & gas producers and service providers may well restructure financially, especially in N.America. Oil prices look supported by both OPEC+ cuts and geopolitical risks but this production constraint may not continue indefinitely. Moreover, global demand for oil—which is still growing at 1% or more--could soften further. Natural gas prices remain weak and under pressure from oversupply and soft LNG demand. Refiners are currently facing generally weak margins in spite of IMO 2020 finally arriving, although there may be some seasonal benefit by mid-year.
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