In 2020, divisions among oil producing countries, the global health crisis and resulting containment efforts precipitated one of the most tumultuous periods in the history of oil.
In March, global oil supply exceeded demand by nearly 6 million barrels per day on average. April saw the lowest oil prices on record. Later in the year, markets rallied following news of successful vaccine trials and recovering demand in Asia. However, optimism was swiftly curbed by the discovery of a new coronavirus variant in the UK which renewed fears of regional and global lockdowns.
Against this backdrop, the panellists provide their outlook for the oil industry in 2021 and beyond:
Has peak oil been reached?
To what extent has the COVID-19 pandemic accelerated long-term trends shifting where energy comes from?
Where will the oil industry fit into the ‘new normal’ economy expected to emerge in the aftermath of the global health crisis?
And how might resulting changes in the industry affect international relations?
As with all member events, questions from the audience drive the conversation.