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  • 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
  • Author: Nona Mikhelidze
  • Publication Date: 04-2020
  • Content Type: Commentary and Analysis
  • Institution: Istituto Affari Internazionali
  • Abstract: On 25 March, one month after Russia registered its first confirmed case of Coronavirus, President Vladimir Putin announced a week of paid national holiday and invited Russians to stay home in a televised address to the nation. Further measures were subsequently introduced to limit the spread of the virus, while authorities prepared emergency plans to safeguard socio-economic conditions in the country. Initiatives included providing a new support package to businesses hit by the pandemic, a monthly bonus to medical personnel and the construction of new hospitals, following the Chinese model. Meanwhile, the constitutional referendum meant to extend Putin’s term limit as president was postponed. Originally scheduled for 22 April, this delay is due to Putin’s concern for public health and the multidimensional impact of the pandemic, a perfect storm involving quarantine measures, declining living standards, inflation and a weakened exchange rate, rising prices and increased job insecurity. Taken together, these challenges could jeopardise the outcome of the referendum. A recent poll conducted by the Levada Center in March highlighted a very slim majority (45 per cent) in favour of Putin’s constitutional amendments.
  • Topic: Foreign Policy, Health, Soft Power, Coronavirus, Vladimir Putin
  • Political Geography: Russia, Europe, Italy