Oxford Energy Podcast – The impact of the OPEC+ meeting and the Covid-19 pandemic on global oil markets
In this OIES podcast James Henderson discusses the impact of the OPEC+ meeting and the Covid-19 pandemic on global oil markets with Bassam Fattouh and Vitaly Yermakov. The discussion covers the fundamental supply and demand balance in the oil market, assessing the huge demand shock caused by the lock-down in many major economies and also the supply impact of Saudi and Russian production strategy over the past month. Bassam provides his views on the initial Saudi decision to increase production since March but then to agree to a huge production cut in April, while Vitaly discusses Russian thinking on the global oil market and why the country feels in a strong position to survive a lengthy downturn in the oil price. In addition, the podcast addresses the impact of recent US intervention in the oil supply discussions, and debates whether this has fundamentally changed the nature of oil market management.