23 April, 2020
8 Min Read
RSTV Special: Oil Price War & Implications
Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)
The oil prices have reached their lowest levels in years, leading to the deepest oil crisis in decades. Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia under the OPEC+ framework have agreed to cut their oil output by 10m barrels per day, or 10% of global supplies. This move is aimed at propping up the falling crude oil prices. They expect the United States and other producers to join in their effort by reducing up to 5m barrels per day.
Impact of COVID-19 on Oil Sector:
Disrupted supply chains:
Miscellaneous factors at play:
Move towards Renewable energy:
Governance structure for energy sector:
Too low oil price level:
Interdependency of the world economy:
Finalize an agreement:
Global governance structure:
Reforming the sector:
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