展望2021

Five things to watch in 2021 after oil’s wild ride this year

Industry expected to recover next year, but Covid trajectory and demand concerns loom

The oil sector was hit harder than almost any other by the pandemic.

Crude prices fell from near $70 a barrel at the beginning of the year to below $20 in April as lockdowns slashed fuel demand. Prices even briefly turned negative in the US.

After a short but highly damaging price war, Opec and Russia enacted record supply cuts to stabilise the market. But even then, companies were forced to rip up investment plans while European energy majors started to look to a greener future.

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