We have never experienced a pandemic like this in recent history. The impact has been huge, not only for the gas industry but also the entire global economy. The energy industry has no immunity to this pandemic. For example, big players like Exxon, Chevron, Total, and Eni are making massive CapEx cuts and dividend reductions.
I don’t know how fast we will be able to recover or what the scale of recovery will look like. For the gas industry, we have already seen a reduction of 10% in consumption for Q2 of this year. Demand destruction has been huge, but gas has held up better than oil. For the future of oil, I think we will start to put more emphasis on the raw material and its byproducts
as opposed to the fuel.
Dr Joo-Myung Kang
President, International Gas Union