In the face of the Covid-19 pandemic, national oil companies (NOCs) in Latin America have largely shifted their collective focus to capital discipline while contending with headwinds related to reduced demand and controversial governmental policies, delegates said at a virtual energy conference Monday. Cratering oil demand is driving the current economic crisis, panelists said during the first ever La Jolla Energy Virtual Conference, as countries and NOCs in the region contend with reduced economic activity due to lockdowns to stop the spread of the virus. Meanwhile, government revenues and company earnings continue to be hammered by low oil product exports and even lower prices.
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