To keep members up to date, PESA has adapted to provide multiple avenues for providing timely updates. The PESA War Room recaps weekly events and highlights resources for members. As an extension of the War Room, the PESA Live WhatsApp group provides members with the most up-to-date energy-related news.
FOLLOWING DEMAND (AND PRODUCTION)
The group has been closely tracking oil demand. The unprecedented drop in oil demand has been a top story since March. PESA follows how demand is addressed differently at the international, national and state levels and impacts to the OFS sector.
The OPEC+ meeting, which ended with agreements to cut production, was the focus of several updates. The hope is these cuts will balance production more closely to reduced global demand. Further voluntary cuts were announced this week by Saudi Arabia, Kuwait and UAE.
At the federal level, Democratic and Republican leadership endorsed refilling Strategic Petroleum Reserve and tout the move as a wise investment. State regulators in the U.S. continue to debate mandated production cuts. So far, cuts have been either voluntary, temporary, or have not been enacted.
STEADFAST FOCUS ON ESG
While PESA Members and the energy industry prioritize responding to current market instability, the sector also is keeping an eye to the future. Society, governments and investors continuously push carbon goals and the sector is vital to ensuring these. Energy technology companies need to remain strong to deliver on such goals.
Environmental, Social and Governance (ESG) coverage demonstrates how critical these issues are now and when the sector recovers. In the coming months, ESG factors will significantly impact the role of investors in the oil and gas industry. As part of ESG, Energy Transition is likely to accelerate as energy sources like coal continue to decline. In a post-pandemic world, oil and gas has a significant role in powering economies and societies.