Woodside predicts two year low oil price

Oil and gas major Woodside has warned shareholders that the low oil price environment could persist for the next two years.

Speaking during the company’s annual general meeting, CEO Peter Coleman noted that the oil and gas industry had been confronted not only by the challenges presented by the Covid-19 pandemic and the associated reduction in demand, but also by a supply shock after the collapse of a deal between OPEC and Russia, which led to Saudi Arabia flooding the market with oil.