Under the patronage of His Excellency Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Climate Change and Environment

How to build resilience during the coronavirus pandemic

The oil price collapse triggered by the demand shock created by COVID 19 and exacerbated by the price war between Saudi Arabia and Russia, has led to a global oil and gas (O&G) industry-wide downturn. This has left companies wondering about the duration of and severity of the shock and the subsequent shape of the industry. Russia’s refusal to curb oil production at the OPEC+ meeting held early in March 2020 led to an oil price below $25 per barrel, its lowest level since 2003 (see Figure 1).