After COVID-19, Will the Oil Industry Return to Normal?
Date and time: Tuesday, May 19, 2020, 9 to 10 pm Arabia Standard Time (UTC+3)
The coronavirus pandemic has shuttered the world’s economies, overwhelmed health care systems and taken loved ones from us. Politicians have promised their citizens a “return to normal” following the pandemic. However understandable, this longing for “normal” will lead us to a mirage. Worse, our recovery from COVID-19 could be a short-lived victory if we aspire only to have a “normal” economy again.
Lockdown measures put in place to contain the spread of COVID-19 represent an unprecedented shock to global oil demand. The International Energy Agency forecasts that the drop in global demand in April will be as much as 29 million barrels/day year-on-year (around 30% of demand), followed by another significant year-on-year fall of 26 million barrels/day in May. The world has returned to oil demand levels last seen in the 1990s.
Enjoy the evening with Dr. Rawi Abdelal.