On Thursday, as the market expected that the production platform closed before the hurricane swept across the Gulf of Mexico and Louisiana would resume work quickly, the oil price dropped, while the US gasoline jumped lower on Friday and fell to a low of more than two weeks, which highlighted that the refinery profit margin was still weak, which also put pressure on the oil price. At the same time, the number of pneumonia cases in COVID-19 in several States in the Midwest of the United States rose sharply on Thursday, and the cumulative number of deaths in the United States exceeded 180,000, which also aggravated the market's worries about the slowdown. A research report submitted to the Federal Reserve on Thursday showed that even if the virus that caused the current economic recession in the United States is eradicated, its drag on economic growth will last for a long time, far beyond people's general understanding. Generally speaking, although U.S. crude oil remains near the 5-month high, and it is expected that there will be four consecutive sunny days in the weekly, the rising pace of U.S. crude oil has obviously slowed down. Considering that the epidemic situation has aggravated the uncertainty of demand prospects, if U.S. crude oil keeps the current high fluctuation trend, it may cause partial selling. However, Russian President Vladimir Putin expressed the hope that the oil price (oil distribution) can be maintained above US$ 46. Considering that OPEC lowered its demand forecast in 2020 before, if the oil market shows a downward trend again, it is expected that Russia and Saudi Arabia will continue to intervene to support the oil price.
Therefore, the oil price will continue to pull back for some time in the future, while the COVID-19 pneumonia cases in several States in the Midwest of the United States rose sharply on Thursday, and the cumulative death cases in the United States exceeded 180,000, which also aggravated the market's worries about the slowdown. A research report submitted to the Federal Reserve on Thursday showed that even if the virus that caused the current economic recession in the United States is eradicated, its drag on economic growth will last for a long time, far beyond people's general understanding.A spokesman for Equinor Company of Norway said that it will no longer drill oil wells in shale blocks of the United States this year to adapt to the environment of continuously low oil prices. In March of this year, due to the sharp drop in oil prices, the company drastically cut its expenditure by billions of dollars and stopped drilling in the shale areas of Bakken and Marcellus, where it owns mining rights. Now, Equinor will also cut jobs in these shale blocks, although it did not specify the number of cuts. However, there is a glimmer of hope that the company has no asset sales plan, which means that it may still have long-term plans for shale oil and gas business in the United States. The company said: "Our mining area has not changed. The action we are taking now is to ensure that our business can be profitable at a lower price. " Eldar Saetre, CEO of Equinor, said: "Equinor is in good financial condition and can cope with market fluctuations and uncertainties. Due to the epidemic and lower commodity prices, our strategy is still firm, and now we are taking action to further strengthen our resilience in this situation. " However, like other European oil giants, Equinor is also seeking a strategy of transforming from an oil company to a broader energy company. Earlier this year, before the outbreak of the pandemic, Equinor announced a plan to reduce the carbon emission intensity of its energy by at least 50% by 2050. The company also plans to develop renewable energy business and become a global offshore wind energy giant. According to the plan implemented in February, Equinor aims to increase its renewable energy production capacity by 10 times by 2026, when the production capacity of renewable energy projects will reach 400 million kilowatts to 600 million kilowatts.