This info pack examines the ‘oil Armageddon’ that took place in the first quarter of 2020. It examines the different players, and takes a closer look at the winners and losers of current policies.
Saudi Arabia and Russia started an oil price war, which caused the collapse of the OPEC+ alliance. While Riyadh demanded significant cuts in oil production, Russia rejected the offer to join the cuts and pumped more oil into the market. The price war, combined with the devastating effects of the Covid-19 pandemic on the energy market, resulted in a considerable deficit between demand and supply. In April, OPEC members and Russia agreed on worldwide oil production cuts to stabilise the market. However, it did not prevent oil prices from going below zero in the futures market, prompting state and private actors to question the outlook of oil production. This info pack examines the ‘oil Armageddon’ that took place in the first quarter of 2020. It examines the different players, and takes a closer look at the winners and losers of current policies, in the context of a global negative economic environment.
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