Two influential reports suggest that reduced global oil consumption and low prices will continue well into 2021 — if not longer. 'The path forward is treacherous,' one advisory body warned.
that by 2021,"COVID-19 will largely be contained globally with no major disruptions to the global economy." OPEC also predictedBut on Monday, OPEC released a much grimmer forecast.
But from the industry's perspective, this year's decline is tremendous and destabilizing. Producers around the world are already radically rethinking their production plans, shutting down drilling rigs and hitting pause on major projects. BP published its annual energy outlook this week and laid out three possible trajectories for the future of oil demand. In two of those pathways, the world would take meaningful action on climate change, and the current drop in demand — instead of being a pandemic-induced blip — would become the pivot point leading toward a lower-emissions future.
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