COVID-19 REPORT 9TH EDITION

GLOBAL OUTBREAK OVERVIEW AND ITS IMPACT ON THE ENERGY SECTOR

7 MAY 2020

PUBLIC VERSION

Executive summaryOutbreak status and outlookImpact on oil demandImpact on the oil and gas industryMethodology

Table of Contents

2

Executive summaryDemand floor is behind us, recovery has begun, but waves of new infection are likely ahead

In this week’s edition, we have analyzed herd immunity not only at the country level globally, but all the way down to the county level. We see large differences between counties within each country and region. The largest cities typically have two to three times as many cases of infection as their respective countries, on average. Thus, large cities with dense populations, intense business and cultural interaction, and widely available public transportation seem to be drivers for the spread of the virus. Some special events also appear to drive the spread of Covid-19, such as carnavals, ski holidays or religious festivals; we will touch upon some examples in this report.

In the worst affected countries in Europe the share of infected people relative to the total population varies from 2% to 25%. This is still quite far from herd immunity. Only New York City, with the Bronx, Queens and Kings (Brooklyn) counties, seems to have reached a level that would result in some degree of herd immunity. We are therefore likely to see new waves of infection over the coming months as lockdown measures are now beginning to be loosened.

The trend of loosening lockdown measures is clearly visible in city traffic data as well. Traffic bottomed out globally in mid-April with 16 million barrels per day in road fuel demand destruction and another 12 million barrels per day in destruction from other demand sources. We expect demand will recover significantly month-over-month going forward, but this is unlikely to occur quickly enough to avoid running out of physical storage. Thus, oil prices will remain volatile for the next few weeks and months. Nevertheless, despite extremely compressed prices and diminished profit for oil companies, governmental income from the upstream industry will still be $0.6 trillion this years, as fiscal income is also based on royalties. This is down from $1.5 trillion in 2018 and $1.3 trillion in 2019.Thus, oil dependent nations will need to cut national budgets significantly this year.

3

Executive summaryOutbreak status and outlook

• Global overview• Key country focus

Impact on oil demandImpact on the oil and gas industryMethodology

Table of Contents

4

100

1,000

10,000

100,000

1,000,000

0 7 14 21 28 35 42 49 56 63 70 77 84 91 98

ItalySpainFrance

China

UK

Global overviewIn Brazil, Russia, India and Bangladesh cases are still doubling every 8 to 10 days

Number of reported cases, key countriesCases (log scale)

Source: Rystad Energy Covid-19 research and analysis; Worldometer

Iran

South Korea

Japan

5

For further details please see our

Covid-19 dashboard at rystadenergy.com.

BrazilGermany

Bangladesh

India

Russia

Global overview Subregions have seen fatality rates exceed normal levels by a factor of four

6

0

1

2

3

4

5

6

7

8

9

10Historical Future

This plot shows the level of peak daily fatalities from Covid-19. Normal fatality levels, without the influence of the novel cornavirus, are 2.0 to 2.7 for older populations like the US and Europe. Here we see that peak fatalities per day from Covid-19 alone exceed the regular death rate by a factor of up to 4.

In all countries there is a large spread between regions, especially when considering metropolitan areas with the largest populations and highest death rates, such as London, New York, Madrid and Paris.

More rural areas usually see fewer people infected.

Bronx

Belgium

Number of new reported Covid-19 fatalities per day Per 100,000 people, 14 day rolling average

Normal death rates

France Italy Netherl. Spain UK US

Kings

QueensEssex

Union Nassau

Manhattan

Westchester

Suffolk

Lombardia

Aosta

Emilia-R

Ligura

North Brabant

LimburgGrand Est

Paris

Flanders

Brussels

Wallonia

MadridCastille La Mancha

London

NE and Yorkshire

SWN. Ireland

Veneto

Tuscany

Bourg.

Hauts-de France

N. Aquitaine

South Holland

Source: Rystad Energy Covid-19 model

18%17%

14%13%12%

10%9%

9%6%

6%

20%11%

10%

24%22%

12%11%10%

10%9%

6%5%

4%3%

1%

0% 5% 10% 15% 20% 25% 30%

LondonNorth East And Yorkshire

North WestEast Of England

MidlandsWales

ScotlandSouth East

Northern IrelandSouth West

BrusselsWalloniaFlanders

LimburgNorth Brabant

GelderlandUtrecht

South HollandOverijssel

North HollandZeeland

FlevolandFrieslandDrenthe

Groningen

Global overviewStill many months ahead until herd immunity could be achieved in Northwest Europe

Share of population infected as of 5 May 2020

The true share of the population already infected with Coivd-19 as of 5 May is shown here, split by region within each country. This shows that about 12% of the population is infected, a figure which has grown significantly in the UK and the Netherlands over the last three weeks, while not showing much growth in Belgium.To achieve herd immunity, these countries would need to accept looser social distancing measures and a higher mortality rate for another 40 weeks.Alternatively, countries could keep current quarantine measures while waiting for a vaccine.

Source: Rystad Energy Covid-19 model; Worldometer; country health agencies; New York Times true fatality rates

7

UK: 27% growth over the last three weeks

Belgium:8% growth over the last three weeks

Netherlands:62% growth over the last three weeks

-90

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-60

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10

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BelgiumNetherlandsUnited Kingdom

Global overviewTransit station mobility data sheds light on infection growth differences between countriesTransit station activity (subway, bus or train stations)Percent above or below normal levels based on google mobility data

We observe that Belgium has recently seen a slower growth of infected cases, while the UK and the Netherlands saw faster growth. This can be understood by analyzing mobility data for transit stations, such as train stations, bus stops and subway stations. This shows that Belgium went into a deeper level of lockdown than the Netherlands, and that the UK lagged one week behind Belgium in terms of implementing a lockdown. The UK also did not implement as strict lockdowns as Belgium, explaining faster fatality growth in the UK in the last three weeks.

Source: Rystad Energy Covid-19 model; Google Mobility data

8

-90-80-70-60-50-40-30-20-10

0102030405060

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-20

OtherLimburgNorth Brabant

Carnaval

Global overviewTransit mobility data also shows important regional differences within the Netherlands

Source: Rystad Energy Covid-19 model; Epidemiologische situatie COVID-19 in Nederland; Rijksinstituut voor Volksgezondheid en Milieu - RIVM 05 mei 2020

9

Transit station activity in the Netherland (subway, bus or train stations)Percent above or below normal levels based on google mobility data

North Brabant

Limburg

Limburg and North Brabant have the strongest traditions for carnaval celebrations in the Netherlands, a festival which begun this year on 23 February.Predictabily, the day before the carnaval saw very high activity at public transit stations.As of 9 March, one-third of the 321 reported cases in the Netherlands were in North Brabant. As of 5 May, this region had the highest mortality rate in the Netherlands, as shown below.

15%15%

9%7%

5%5%4%

4%3%

3%2%2%

2%1%1%1%

0%

31%24%

18%17%

16%15%

13%7%

6%5%5%

2%2%2%2%2%1%

1%1%1%

24%23%

20%14%

13%13%

11%11%

8%5%

5%4%

3%3%

2%1%

1%0%

0% 5% 10% 15% 20% 25% 30%Grand Est

Ile-de-FranceBourgogne-Franche-Comte

Hauts-de-FranceAuvergne-Rhone-Alpes

Centre-Val de LoireCorsica

Provence-Alpes-Cote d'AzurNormandy

Pays de la LoireOccitanie

BrittanyNouvelle-Aquitaine

GuadeloupeMartinique

MayotteGuyane

LombardyAosta

Emilia-RomagnaLiguria

PiedmontTrentino-South Tyrol

MarcheVeneto

AbruzzoFriuli-Venezia Giulia

TuscanyApuliaLazio

UmbriaSardinia

MoliseCampania

SicilyCalabria

BasilicataCastile-La Mancha

Community of MadridLa Rioja

Castile and LeonNavarre

CataloniaBasque Country

AragonExtremadura

AsturiasValencian Community

GaliciaBalearic Islands

AndalusiaRegion of Murcia

Canary IslandsCeutaMelilla

Key country focusHerd immunity will be nearly impossible in Southern Europe, except perhaps in Lombardia

Share of the population infected as of 5 May 2020

The true share of the population that has been infected as of 5 May is shown here, split by region within each country. About 10% of the population has been infected in the selected regions, a figure which has been very flat over the last three weeks due to strict lockdowns.More than 23% of the population has been infected in two regions in Italy and two in Spain. These areas could potentially achieve herd immunity after a potential second outbreak.

Source: Rystad Energy Covid-19 model; Worldometer; country health agencies; New York Times true fatality rates

10

France: 6.9% currently infected, up from 6.5%three weeks ago

Italy: 10.6%currently infected, up from 10.0% three weeks ago.

Spain: 10.0% currently infected, up from 9.5% three weeks ago.

11

Key country focusMost European countries have loosened measures and increased mobility in April

*Traffic includes light-duty vehicle traffic only.Source: Rystad Energy research and analysis; Rystad Energy Global City Traffic Database; TomTom Traffic Index; Google Maps

Milan Madrid Paris Berlin Vienna Prague

Government measures

Loosened measures on 4 May, entering the “second phase” and allowing people to go out. Bars and restaurants have opened for takeout.Some manufacturing industries have reopened.

Spain entered “phase zero” of its de-escalation plan on 4 May, allowing people to go out.Non-essential workers in industries like manufacturing and construction are gradually returning to work.

The lockdown has been extended to 11 May. Afterwards, some shops and primary schools will be allowed to reopen.

Retail shops were allowed to reopen from 19 March.

Hairdressers, museums and some schools reopened on 4 May.

Austria pioneered the reopening process in Europe, gradually lifting measures from mid-April.

As of 1 May, gatherings of up to 10 people are permitted and shops can reopen.

Measures started to be gradually lifted on 9 April, with the reopening of some non-essential stores.Other stores, and universities reopened on 27 May.

Traffic*(7-day MAvs. 2019)

24-Mar 8-Apr 23-Apr10-Mar 4-Apr 29-Apr-65%

-55%

-45%

-35%

-25%

-15%

-5%

5%

15%

10-Mar 4-Apr 29-Apr

2019 traffic level

City traffic

10-Mar 4-Apr 29-Apr 10-Mar 4-Apr 29-Apr 10-Mar 4-Apr 29-Apr

Country traffic

10-Mar 4-Apr 29-Apr

49%47%

41%32%

31%31%

28%25%

21%16%

11%8%

7%7%6%

5%5%5%5%

4%4%4%

40%33%32%32%

31%22%22%

20%20%

19%18%

17%15%

8%8%

7%6%

6%5%

4%

5%5%5%

0% 10% 20% 30% 40% 50%New York Bronx

New York QueensNew York Kings

New York NassauNew York Rockland

New York RichmondNew York Westchester

New York New YorkNew York SuffolkNew York OrangeNew York PutnamNew York Oneida

New York DutchessNew York Columbia

New York ErieNew York OrleansNew York SullivanNew York Steuben

New York LewisNew York UlsterNew York Tioga

New York Warren

New Jersey EssexNew Jersey Union

New Jersey HudsonNew Jersey BergenNew Jersey Passaic

New Jersey MorrisNew Jersey Somerset

New Jersey WarrenNew Jersey Sussex

New Jersey MiddlesexNew Jersey OceanNew Jersey Mercer

New Jersey MonmouthNew Jersey Burlington

New Jersey CamdenNew Jersey HunterdonNew Jersey Cape May

New Jersey SalemNew Jersey Atlantic

New Jersey Gloucester

Washington BentonWashington King

Washington Yakima

Key country focusHerd immunity close in parts of New York and New Jersey

Share of the population infected as of 5 May 2020

The true share of the population that has been infected in the US states of New York, New Jersey and Washington as of 5 May is shown here, split by county. 26% of the population in New York state and 22% in New Jersey have been infected. In New York City, counties such as the Bronx, Queens and Kings (Brooklyn) have seen between 41% and 49% of the population likely infected, which means these counties are likely to achieve herd immunity soon. There are no other counites in the US with more than 5% of the population infected. I.e. other states and counties risk experiencing severe outbreaks in the future and/or seeing the continuation of rather strong social distancing measures.

Source: Rystad Energy Covid-19 model; Worldometer; country health agencies; New York Times true fatality rates

12

New York: 26% currently infected, up from 20%three weeks ago.

New Jersey: 22% currently infected, up from 17%three weeks ago.

Washington: 2.9% currently infected, up from 2.2%three weeks ago.

All other counties in New York with a lower share of infected

All other counties in New Jersey with a lower share of infected

All other counties in Washington state and the rest of the US With a lower share of infected

13

Key country focusActivity levels in the US are picking up pace amid loosening measures

New York Illinois Texas California Florida Washington

Government measures

Stay at home order in effect since 22 March, extended to 15 May.

Stay at home order in effect since 21 March, extended to 30 May.

Restrictions regarding outdoor activities specifically have been in place from 1 May.

Gradual reopening: retail stores, restaurants and entertainment activities have been allowed to reopen with limited capacity.

Stay at home order in effect from 2 April until 30 April.

Stay at home order in effect since 19 March.

Gradual reopening: retail stores and restaurants can operate at 25% capacity.

Stay at home order in effect from 03 April until 4 May.

Stay at home order in effect since 23 March, extended to 31 May.

Traffic*(7-day MAvs. 2019)

24-Mar 8-Apr 23-Apr24-Mar 13-Apr 3-May-65%

-55%

-45%

-35%

-25%

-15%

-5%

5%

15%

24-Mar 13-Apr 3-May

2019 traffic level

State traffic

24-Mar 13-Apr 3-May24-Mar 13-Apr 3-May24-Mar 13-Apr 3-May24-Mar 13-Apr 3-May

New York City

Chicago Houston Los Angeles

Miami

Seattle

*Traffic includes light-duty vehicle traffic only.Source: Rystad Energy research and analysis; Rystad Energy Global City Traffic Database; TomTom Traffic Index; Google Maps

Executive summaryOutbreak status and outlookImpact on oil demand

• Global overview• Ground transportation and road fuels

Impact on the oil and gas industryMethodology

Table of Contents

14

Global overviewGlobal oil demand recovers by 6 million bpd in May vs AprilGlobal oil demand impact analysis Covid-19 by region, levels and changes vs. pre-virus estimatesThousand barrels per day

Remaining barrelsWe see a V-shaped route in oil demand, reaching a low point in April 2020 and improving in May. However, further recovery has some downside risks into 2021.Average demand for 2020 is expected at 88.7 million bpd, a drop of 10.9% from 2019.Europe is the worst hit, with demand down 33.5% year-over-year in April, and on track for a 12.5% demand decline for 2020 as a whole.

Lost barrelsAbout 4 billon barrels will be removed from global oil demand during 2020. More than half of this decline comes from areas outside the main demand pools of East Asia, Europe and North America.In our downside scenario, we see global demand impact remaining down by 10.5 million bpd in December 2020 and 4.8 million bpd in December 2021.

Source: Rystad Energy research and analysis

15

0

20,000

40,000

60,000

80,000

100,000

0

20,000

40,000

60,000

80,000

100,000

-30,000-25,000-20,000-15,000-10,000-5,000

05,000

-30,000-25,000-20,000-15,000-10,000-5,000

05,000

East Asia Europe North America Rest of World

2019 Pre-virus Mitigation Previous

Global overview Road fuel is down 11% for the year, jet fuel down 33% and all other fuels down 7% vs 2019Global oil demand impact analysis Covid-19 by fuel, levels and changes vs. pre-virus estimatesThousand barrels per day

Global demand for road fuel was 31.7 million bpd in April, jet fuel demand was 2.1 million bpd, and demand for all other fuels stood at 37.9 million bpd.

About 16.1 million bpd was removed from road fuel demand in April, while the decline was 5.2 million bpd for jet fuel and 7 million bpd for all other fuels.

Source: Rystad Energy research and analysis

16

0

20,000

40,000

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100,000

0

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-10,000

-5,000

0

-30,000

-25,000

-20,000

-15,000

-10,000

-5,000

0

Road fuels Jet fuels Other fuels

2019 Mitigation Previous

Pre-virus

17

Ground transportation and road fuelsTraffic increasing in the US, China remains flat at around -18%

Source: Rystad Energy Global City Traffic Database; TomTom Traffic Index; Google Maps; Rystad Energy research and analysis

Traffic levels versus normal levels for last 7 daysPercent difference, year-on-year, all days

Africa Americas Asia & Australia-90% -60% -30% 0% 30%

Guinea-BissauZambiaGabon

South AfricaTogo

MadagascarEthiopia

EgyptMozambique

GhanaTanzania

Cote d'IvoireAngola

BeninKenya

Sierra LeoneAlgeria

SenegalMali

GambiaNamibia

ZimbabweBurundi

Burkina FasoMalawi

LesothoCameroon

NigerLibya

LiberiaTunisia

MauritaniaMorocco

DR CongoCongo

BotswanaNigeria

MauritiusUgandaRwanda

Europe & Middle East

Rystad Energy Global City Traffic Database covers road traffic in 1,200+ cities

and 150+ countries

-90% -60% -30% 0%

UruguayNicaraguaArgentinaHonduras

ChileUnited States

MexicoCanadaJamaica

GuatemalaBrazil

ParaguayPuerto Rico

Dominican RepublicCosta Rica

GuineaEcuador

El SalvadorVenezuela

PanamaBahamas

HaitiColombia

PeruBolivia

-90% -60% -30% 0% 30%

Papua New GuineaLaos

China, Hong Kong…Vietnam

MongoliaCambodia

ChinaAzerbaijan

AustraliaArmenia

JapanGeorgia

IndonesiaKazakhstan

New ZealandUzbekistanKyrgyzstan

ThailandIndia

MalaysiaTajikistanPakistan

SingaporeTurkmenistan

PhilippinesMyanmarSri Lanka

BangladeshAfghanistan

Current weekPrevious week

-90% -60% -30% 0% 30%

LiechtensteinBulgaria

DenmarkCroatia

LatviaLithuaniaCzechiaIceland

SwedenGermanySlovenia

Bosnia and…PolandAustria

SlovakiaFinlandNorwayBelarus

NetherlandsPalestine

OmanQatar

HungarySwitzerland

UkraineEstoniaTurkey

IranSerbia

MontenegroLuxembourg

RomaniaMoldova

Saudi ArabiaBelgium

SpainLebanon

KuwaitRussiaJordan

PortugalUAE

IsraelItaly

San MarinoGreece

United KingdomFranceAlbaniaCyprus

BahrainIreland

AndorraIraq

Summary data table for total liquids demand in a Covid-19 “effective prevention” case

*Includes Mainland China, Hong Kong and TaiwanSource: Rystad Energy research and analysis

18

MMbbl/d Change year-on-year

2020 2020 Q1 2020 2020 Q12019 2020 2021 1Q 2Q 3Q 4Q April May June 2020 2021 1Q 2Q 3Q 4Q April May June

Global 99.5 88.7 98.8 91.7 77.7 90.2 95.2 71.8 77.7 83.5 -10.9% 11.4% -7.6% -21.2% -10.0% -5.0% -27.1% -21.3% -15.0%Road 47.4 42.1 47.1 42.8 36.2 43.5 45.9 31.7 36.8 40.0 -11.1% 11.8% -8.3% -23.6% -9.2% -3.5% -33.0% -22.3% -15.6%

Aviation 7.2 4.8 6.9 5.7 2.3 4.9 6.2 2.1 1.9 3.0 -33.6% 43.2% -17.8% -67.7% -35.0% -12.9% -70.5% -72.9% -59.9%

Other 44.9 41.8 44.8 43.2 39.1 41.8 43.1 37.9 38.9 40.5 -7.0% 7.2% -5.4% -10.8% -6.5% -5.3% -13.8% -11.8% -6.8%

United States 20.5 18.3 20.3 19.2 15.6 18.8 19.8 13.9 15.6 17.1 -10.5% 10.6% -5.4% -23.4% -9.2% -3.9% -30.8% -22.8% -16.8%Road 11.2 10.0 11.1 10.3 8.5 10.5 10.8 7.1 8.8 9.6 -10.9% 10.4% -6.2% -25.4% -8.2% -3.3% -36.9% -22.5% -17.1%

Aviation 1.7 1.2 1.6 1.5 0.6 1.2 1.5 0.5 0.4 0.8 -32.0% 33.3% -10.6% -67.1% -32.5% -15.8% -72.9% -75.5% -53.2%

Other 7.5 7.1 7.6 7.4 6.5 7.1 7.5 6.3 6.4 6.7 -4.9% 7.1% -3.1% -9.4% -5.3% -2.0% -10.7% -10.2% -7.2%

China* 15.1 13.8 15.7 12.7 13.7 14.3 14.4 13.5 13.5 14.2 -8.7% 13.7% -15.8% -7.3% -5.5% -6.0% -6.9% -12.8% -1.9%Road 6.1 5.6 6.5 4.8 5.5 6.0 6.2 5.2 5.4 5.8 -8.0% 16.1% -22.6% -7.7% -3.1% 1.4% -9.8% -13.3% 0.5%

Aviation 0.9 0.7 1.0 0.6 0.5 0.7 0.8 0.5 0.4 0.5 -28.9% 50.2% -35.4% -45.7% -25.4% -10.0% -41.8% -50.8% -44.4%

Other 8.1 7.5 8.2 7.4 7.8 7.5 7.4 7.8 7.7 7.9 -6.8% 8.8% -8.6% -2.7% -4.9% -10.9% -1.1% -8.4% 1.6%

Europe 14.2 12.5 13.7 13.1 10.4 12.8 13.6 9.6 10.3 11.4 -12.5% 10.2% -7.3% -26.6% -12.4% -3.8% -33.5% -26.5% -19.6%Road 7.0 6.3 6.8 6.4 5.3 6.5 6.8 4.6 5.3 5.9 -11.0% 8.5% -5.7% -24.9% -10.2% -3.4% -34.7% -24.0% -16.0%

Aviation 1.5 0.9 1.4 1.1 0.2 0.9 1.3 0.2 0.2 0.3 -39.2% 55.0% -14.1% -84.8% -42.2% -10.2% -88.4% -88.2% -78.4%

Other 5.7 5.3 5.5 5.5 4.9 5.3 5.5 4.8 4.8 5.1 -7.5% 4.7% -7.6% -13.1% -6.7% -2.8% -18.1% -13.3% -7.5%

Executive summaryOutbreak status and outlookImpact on oil demandImpact on the oil and gas industry

• Global market outlook• Market segment focus

Methodology

Table of Contents

19

300

350

400

450

500

550

600

650

700

750

800

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

5yr avg. (2015-2019)20162017201820192020ForecastCapacity

Source: Rystad Energy research and analysis, EIA* West coast was higher in the 1990s, but those tanks are likely not operational

Global market outlook: USUS commercial crude inventories are approaching all-time highMillion barrels

20

Reported available commercial storage capacity 255.5 million barrels

Commercial storage capacity in use527.6 million barrels

Reported working storage capacity (refineries, tanks, pipeline fill & crude-in-transit)

MidWest 5,404 West Coast* 5,091 East Coast 9,185 Cushing 6,042 Gulf Coast 585 Rocky Mountains 1,459

27,766

Remaining storage to all-time high

All-time high for all regions: 550 million bbl

All time high all regions combined

Source: Rystad Energy research and analysis, Refinitiv

0

50

100

150

200Aframax floating storage

Suezmax floating storage

VLCC floating storage

Total

21

Global market outlookGlobal floating storage has apparently stalled, as contango weakens Million barrels

Falling oil and gas prices will mean lower cash from the upstream industry to various host governments.

Rystad Energy expects total upstream cash to the governments will be reduced by $700 billion from 2019 levels, or 55%.

Global income to governments from upstream activity and Brent oil price (RHS)Billion USD USD/bbl

Market segment focus: E&PThe upstream industry will generate $700 billion less cash to governments this year

Government income also includes income by NOCs. Source: Rystad Energy UCube

22

2,280 2,1861,982

948721

1,028

1,5151,291

573

0

20

40

60

80

100

120

0

500

1,000

1,500

2,000

2,500

2012 2013 2014 2015 2016 2017 2018 2019 2020

Government take Brent oil price (rhs)

The chart to the right depicts the reduction in government income from oil and gas in 2020 compared to 2019. It also shows how government income contributed to a country’s total GDP in 2019.

Saudi Arabia's 2020 income from oil and gas is expected to be $110 billion lower than in 2019. In 2019 the income from oil and gas made up close 30% of total GDP.

OPEC countries are the most exposed to income from oil and gas are the. For UAE, Iraq, Kuwait and Saudi Arabia, income from E&P activities made up more than 25% of total GDP.

Market segment focus: E&POPEC countries are most exposed to lower oil prices

*The estimates assume a 2020 Brent oil price of $34 per bbl. Gvt income also includes income by NOCs. Source: Rystad Energy UCube, IMF

23

-140

-120

-100

-80

-60

-40

-20

00% 10% 20% 30% 40% 50%

SaudiArabia

Russia

Mex

ico

Kuwait

Iraq

UAE

NorwayVenezuela

2019 government income from oil and gas as a percentage of 2019 total GDP

2020

redu

ctio

n in

gov

ernm

ent i

ncom

e co

mpa

red

to 2

019,

billi

onU

SD

Qatar

Iran

UAE

Executive summaryOutbreak status and outlookImpact on oil demandImpact on the oil and gas industryMethodology

Table of Contents

24

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OIL MARKET WEEKLY – Demand report, a weekly report with:• An overview of global oil demand• Oil demand impact in two COVID-19 mitigation scenarios• Impact of oil demand in aviation, ground transportation and road fuels

OIL MARKET WEEKLY – Balances report:• A weekly Commentary with the latest oil market observations• A weekly Executive Summary on the oil market balances, oil supply and

demand, and the overall oil market view

OIL MARKET DASHBOARDS and Excel data on:• Oil demand analysis dashboard: split by country, transport type, aviation• COVID-19 dashboard: oil demand impacting two COVID-19 mitigation

scenarios

Rystad Energy is an independent energy consulting services and business intelligence data firm offering global databases, strategy advisory and research products for energy companies and suppliers, investors, investment banks, organizations, and governments. Rystad Energy’s headquarters are located in Oslo, Norway.

HeadquartersRystad EnergyFjordalléen 16, 0250 Oslo, Norway

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