Oil, pandemic and climate change

Summary

In the midst of the global crisis caused by the COVID-19 pandemic, Saudi Arabia's increased oil production and cutting of prices went unnoticed.

Key points

• Key points:
• The disagreement between Russia and Saudi Arabia over the need for production cuts triggered a price war.
• OPEC+ is not dominant in the oil market — US shale is growing in importance.
• In the longer term, climate change mitigation policies will have an increasing effect on oil prices.

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