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How the Oil Bust Could Reshape Global Markets

Oil prices crash, forcing producers to rethink strategy and energy futures.

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With millions of cars off the road and thousands of airplanes sitting idle on tarmacs, oil consumption has plummeted since the start of the coronavirus pandemic. This has led to a drastic drop in petroleum prices that could have an enormous impact on the global economy in the months to come. This video looks at how trade tensions caused prices to fall before the Covid-19 crisis and how oil producing nations are now rethinking their priorities. 

Questions:

  1. How has the coronavirus pandemic affected the oil industry?
  2. Do you think oil producing nations will continue to work together after the pandemic is over? Why or why not?
Author: NickelsMcHughMcHugh