You searched for: Content Type Commentary and Analysis Remove constraint Content Type: Commentary and Analysis Publishing Institution Istituto Affari Internazionali Remove constraint Publishing Institution: Istituto Affari Internazionali Political Geography Russia Remove constraint Political Geography: Russia Publication Year within 1 Year Remove constraint Publication Year: within 1 Year Publication Year within 10 Years Remove constraint Publication Year: within 10 Years Publication Year within 3 Years Remove constraint Publication Year: within 3 Years Topic Global Markets Remove constraint Topic: Global Markets
- Author: Giuliano Garavini
- Publication Date: 04-2020
- Content Type: Commentary and Analysis
- Institution: Istituto Affari Internazionali
- Abstract: Oil markets are facing a perfect storm. The scissors of supply and demand are moving against one another, generating increasing pain on the oil industry and the political and financial stability of oil-producing countries. Global oil demand is dropping due to the recession induced by the COVID-19 shut down of economic activity and transport in the most industrialized countries. Goldman Sachs predicts that global demand could drop from 100 million barrels per day (mdb) in 2019 to nearly 80 mdb in 2020.1 If confirmed, this would be single biggest demand shock since petroleum started its race to become the most important energy source in the world.
- Topic: International Trade and Finance, Oil, Global Markets, Economy
- Political Geography: Russia, Saudi Arabia, Global Focus