The Coronavirus Pandemic Has Changed Oil Markets Forever

A man fishes near docked oil drilling platforms, in Port Aransas, Texas, May 8, 2020 (AP photo by Eric Gay).
A man fishes near docked oil drilling platforms, in Port Aransas, Texas, May 8, 2020 (AP photo by Eric Gay).

Oil demand has fallen precipitously in recent months due to lockdowns and other measures that governments around the world have undertaken in response to the COVID-19 pandemic. The International Energy Agency reckons that oil demand will fall by a record 9.3 million barrels per day in 2020, erasing nearly a decade of growth. With the crisis having rattled oil markets that were already struggling to adapt to structural challenges on both the demand and supply side, the world should brace for the geopolitical impacts of historically low demand for oil. It will take years before demand returns to pre-coronavirus levels […]

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