APRIL 12 — The world is still in the grip of Covid-19. If you scan the newspapers and news sites, the headlines and virtually every other story is about nothing but Covid-19. Understandably, of course. Thousands have lost their lives to the virus and the lockdowns that have...
APRIL 12 — The world is still in the grip of Covid-19. If you scan the newspapers and news sites, the headlines and virtually every other story is about nothing but Covid-19. Thousands have lost their lives to the virus and the lockdowns that have been rolled out to contain it are like nothing the world has ever seen.
As demand has fallen due to Covid-19, major oil-producing countries particularly Saudi Arabia and Russia have not reduced supply — something they typically do when the price of oil falls.They did this first because neither wanted to give up market share to the other and second because they feel lowering the price will force higher cost producers of oil — particularly US shale-based oil — out of the market.
Over 80 million barrels are produced per day. That’s between 20-30 billion barrels per year of four or five barrels for every human on earth. Increasing awareness of the importance of sustainability, laws and regulations limiting the use of fossil fuels in many major economies and the rise of electric cars means that a world that requires less fossil fuel is looking quite likely.
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