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Oil Market Outlook and OPEC+ Dynamics amid COVID-19

Dr Carole Nakhle, CEO of Crystol Energy, spoke on the impact of Covid-19 on the global economy and oil markets, and how such a shock may have put the world on new paths that may be overlooked in conventional forecasting models.

Dr Carole Nakhle speaking along Herman Wang, Managing Editor of OPEC/Middle East News at S&P Global Platts, and Yousef Alshammari, CEO and Head of Oil Research at CMarkits

Dr Nakhle dissected the impact of COVID-19 on the oil market and questioned whether the pandemic will be a transitory shock or will set a new path for both the global economy and oil markets. She cautioned existing forecasts have been continuously revised because of various dynamics worldwide and the high level of uncertainties caused by the pandemic.

Of course, oil markets are recovering especially when compared to the massive drop in oil demand witnessed in spring 2020. However, demand still has a way to go before reaching pre-COVID levels which is not expected before 2022.

The webinar, organised by the Issam Fares Institute for Public Policy and International Affairs (IFI) at the American University of Beirut (AUB), took place on 3rd December 2020.

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