Will COVID-19 Change Oil Markets Forever?
The oil market is experiencing unprecedented dislocations in 2020. The industry is trying to cope with the biggest slump in demand ever recorded, as governments around the world try to tackle the COVID-19 pandemic. Will oil demand return to a pre-pandemic ‘normal’, or will the outbreak hasten a peak in oil demand? Will patterns of oil consumption change and, if so, what pressures will that place on an industry already struggling to adapt to growing environmental concerns and a demand for carbon-free energy? The paper will explore the options.
Keywords: Oil markets • Oil prices • Energy demand • OPEC • Energy supply