Impact of Covid-19 on oil supply, demand and price to 2030

Impact of Covid-19 on oil supply, demand and price to 2030

The scenario models generate crude oil, NGL and natural gas supply, demand and price outcomes for: * Optimistic case: one wave of Covid-19 pandemic with rapid "V" shaped economic recovery. * Pessimistic (realistic?) case: twowave pandemic, extending into Q2 2021 with a slow economic reboun...

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Bibliographische Detailangaben
Veröffentlicht in:World Oil 2020-08, Vol.241 (8), p.55-58
1. Verfasser: Wells, Peter R A
Format: Artikel
Sprache:eng
Schlagworte:
Basins
Coronaviruses
COVID-19
Crude oil
Crude oil prices
Economic forecasting
Economic recovery
Economics
Natural gas
Natural gas supply
Oil
Oil production
Pandemics
Petroleum
Petroleum production
Proprietary
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Zusammenfassung:The scenario models generate crude oil, NGL and natural gas supply, demand and price outcomes for: * Optimistic case: one wave of Covid-19 pandemic with rapid "V" shaped economic recovery. * Pessimistic (realistic?) case: twowave pandemic, extending into Q2 2021 with a slow economic rebound. [...]Saudi Arabias crude oil production reached a peak of 11.9 MMbpd in April, an increase of 3 MMbpd since January 2020 in the midst of the pandemic. [...]they both forecast slowing oil demand toward a peak in the mid-2030s at some 105-108 MMbopd. Without aggressive OPEC intervention, the average crude oil price could remain below $50/bbl until after mid-2022. [...]the late 2020s, the oil market is oversupplied, and OPEC policy is a crucial factor in this
ISSN:0043-8790