Oil market recovery amid COVID-19 pandemic - INFOGRAPHIC

21 November 2024

Oil market recovery amid COVID-19 pandemic - INFOGRAPHIC

21:12 26 August 2020 Read: 3463

Oil market recovery amid COVID-19 pandemic - INFOGRAPHIC

The global oil market is struggling to rebound from its biggest shock in history after the COVID-19 pandemic decimated demand and forced billions of barrels of production to be shut in.

Several factors are hanging over the market's near-term recovery, not least the resurgence of COVID-19 infections globally which has extended the shadow over demand for road fuels and jet.

On the supply side, the pace of OPEC+ cuts, a plunge US shale oil output, and uncertainty over exports from some key OPEC producers could all push prices out of their current $45/b comfort zone.

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