Oil and gas conversations surge 100% on Twitter

The COVID-19 crisis has affected a wide range of businesses, but its impact on the oil and gas industry is particularly severe due to restrictions on travel as well as other broader economic activities, causing a heavy blow to the global oil demand. A similar trend is observed on GlobalData’s Oil & Gas Exploration Influencer Platform, where there is more than 100% spike in conversation volume during February-April period in 2020 in comparison to the previous 90 days, says GlobalData, a leading data and analytics company.

An analysis of Oil & Gas Exploration Influencer Platform, which tracks more than 100 leading industry experts and their discussions around the emerging trends, insights and overviews, new fields of innovation and technology, and other popular areas on Twitter, revealed that ‘Production Cut’ and ‘Oil Price Crash’ as popular themes among the oil and gas conversations as slump in demand and insufficient storage capacity had forced companies to cut production and resulted in the US oil price to fall negative for the first time in the history.

Prashant Saxena, Influencer Expert at GlobalData, says: “The COVID-19 induced oil demand plunge combined with the price war has really thrown the oil and gas industry into chaos. This environment of depressed oil prices, and revenue and production declines will likely continue to present major challenges for oil and gas companies.”

Posted in Energy