Oil rig

Research Paper

2020 Oil & Gas Crisis Survey

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The 2020 Oil & Gas Crisis Study conducted by Simon-Kucher & Partners and Rice University surveyed 195 global Oil & Gas industry experts across all major industry verticals. The online study, which was fielded between March, 27 – April 3, 2020,  focused on the business environment, company initiatives and priorities, and pricing within the Oil & Gas industry. Key findings of the study revealed that:

  • 58% of respondents attribute the price war between Russia and Saudi Arabia as the main cause of the 2020 oil price collapse, though Saudi Arabia is viewed as the primary culprit for reducing prices and increasing production
  • Most experts agree that the market will need more than three years to recover and go back to prices of $60 per barrel Brent Crude
  • On average, oil and gas companies are planning to cut their CapEx by 35% due to the current crisis
  • Eight out of 10 Oil & Gas industry experts strongly underestimate the impact of price reductions on profitability, which is a likely contributor to the onset of price wars
  • Initiatives to professionalize pricing are seen as the projects with the highest ROI, but such initiatives are completely under-invested in 2020

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