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2020 will enter history books as the year of the COVID-19 pandemic which has inflicted the biggest damage on both the global economy and the global oil market since the Great Depression of 1929.
It will change the way we live in more ways than one. If anything, the pandemic has proven irrevocably how inseparable oil and the global economy are by demonstrating that destroying one automatically destroys the other and vice versa. 1
Economic Expansion
Renewable and nuclear energy – the two largest sources of non-emitting technologies – do not need to be mutually exclusive if forward-thinking countries and companies can develop suitable complementary advanced energy management techniques. New hybrid energy solutions could play to the strengths of the respective technologies while acknowledging the shifting dynamics of electricity markets that are adjusting to the realities of an increase in intermittent generation models. And with developing countries frequently having more flexibility to design their grid structures (in comparison to pre-existing limitations in many first-world countries), the opportunities may exist to demonstrate these advances in emerging economies.
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