Global Outlook: Oil markets--turmoil & transition
Upstream Oil & Gas
Among far-reaching changes triggered by the pandemic of 2020 are these two: a shift in the balance of oil supply and pricing power away from the United States to Russia and Saudi Arabia; and recognition that the energy transition is quickening, a phenomenon with broad, long-term consequences for the industry. The first is the consequence of a collapse in oil demand that was as dramatically sudden as it was astonishingly large. As such, it could be temporary but for the second, which could pinch investment in oil production capacity as the world transitions away from fossil fuels. The IHS Markit team will discuss views—and recognize the uncertainties—about the future of world oil demand, production, and refining.