Full Title: Oil Market Black Swans: Covid-19, the Market-Share War, and Long-Term Risks of Oil Volatility
Author(s): Robert McNally
Publisher(s): Columbia University Center on Global Energy Policy
Publication Date: April 2, 2020
Full Text: Download Resource
Description (excerpt):
The shock oil markets have suffered from the coronavirus and the ensuing market-share war between Saudi Arabia and Russia has sent prices plummeting to levels not seen since 2002 and altered the outlook for supply and demand for the immediate future. The impact of both events on energy producers and consumers will not fade when the pandemic ends, however. Looking longer term, the world will either have to accept the need for swing producers—those capable of adjusting oil output to attempt to prevent large demand and supply shocks—or brace for perpetual, extreme oil price volatility that will severely destabilize the energy sector, economic growth, and geopolitics.