Oil collapse comes at terrible moment for hard-pressed rig operators

The big slide in the oil price comes as a setback to the recovery in the rig sector, which is already becoming protracted. This could at worst trigger restructurings, ABG Sundal Collier's analyst tells ShippingWatch.

Photo: Bloomberg/Bloomberg

It has already had consequences for the rig sector that the oil price has plunged steeply due to the price war between Russia and Saudi Arabia.

The oil price began to fall on Monday after OPEC and Russia were unable to agree on an output cut. Additionally, the International Energy Agency, IEA, projects a decrease in oil demand in 2020 because of the coronavirus.

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