Oil prices have collapsed since the start of the year, driven down by concerns around oversupply, compounded by the collapse in demand caused by COVID-19 and the price war between Russia and Saudi Arabia.
This briefing published on our website here looks at the implications of low oil prices on certain key trading and operational agreements for oil companies, and considers the scope for disputes to arise. It considers the position under English law, which is commonly adopted by parties in the oil and gas industry, but many of the same themes apply to contracts governed by other common law systems.
For more information, please contact Paula Hodges QC, Partner, Craig Tevendale, Partner, James Baily, Partner, Steven Dalton, Partner, James Robson, Senior Associate, or your usual Herbert Smith Freehills contact.
