This article was first published on Rigzone here
Less robust energy demand this year has forced oil and gas firms worldwide to modify their organizational charts. During the past week, an article on Rigzone about changes at a top national oil company (NOC) caught the attention of downstream-focused readers. Keep reading to find out which NOC is reportedly updating its org chart.
Aramco Shakes Up Top Management
As it adapts to low crude prices and looks for ways to raise cash, Saudi Arabia’s national oil company has made some management changes. Updates to Saudi Aramco’s org chart included high-level roles in the company’s upstream and downstream businesses, according to this Bloomberg article. Moreover, the news service observed that Aramco’s priorities are shifting to contend with weaker global energy prices. The changing priorities have also affected the firm’s plans in a $10B Asia refinery project.
Oil Price Situation Could Change Soon
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In this staff-written article, regular Rigzone commentators discuss their expectations for oil market pricing conditions. Specifically, the market-watchers predicted changes in prices of oil futures and spot contracts.
Oil Demand Recovering at Record Pace
Another popular article among Rigzone’s downstream readership this week is this item reporting that global oil demand has recovered nicely over the past four months. Pointing out that oil demand was just 78 percent of pre-COVID levels in April, IHS Markit reported that it has increased to 89 percent – representing a gain of 13 million barrels per day. Moreover, the consultancy has predicted that demand could hit 95 percent early next year.
To contact the author, email mveazey@rigzone.com.
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