I can hear the bones crackling already. Most oil-producing nations have thought (hoped) that they would be able to weather this with some superficial cosmetics. But the pain becomes very hard already and the short-term fixes are expensive and produce their results as well. More of the same might become hard to swallow. Time to reform economies – if you depend on oil prices for your economic fortunes, you have bigger problems than COVID. See it this way – COVID might even be a wake-up call. Use it.
“The oil demand recovery will be severely hampered and sluggishness in transportation and industrial fuel demand is now assumed to last until mid-2021,” OPEC’s Vienna-based research department wrote in its latest monthly report.