On this week’s podcast we look back on the events that shaped the challenging year that was 2020. Early in January, tensions between the United States and Iran briefly pushed oil prices over $60/B. But when Coronavirus spread from China to the rest of the world, oil price plunged. The darkest days of the pandemic were in April, when oil demand dropped over 20% and price momentarily fell to negative $US 37/B (WTI). By summer, historic production cuts by OPEC+ and increasing demand brought more stability to the oil markets. Other issues came into focus, including climate change and the death of George Floyd. As 2020 wraps-up, vaccines are rolling out and bringing hope that 2021 will be a better year!
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