Oil and Covid-19 part two: Challenge for Opec
The cartel may need to take significant action to help balance the oil market, particularly as the potential for a worldwide pandemic remains
The current and possible future impact on oil demand and price, due to the spread of Covid-19, means that Opec and its main Opec+ partner Russia have tougher decisions in Vienna than they might have been expecting. And their decision to cut or not has blurred the global market picture. And there are supply-side variables as well. One of these is Libya, a currently supportive factor against further oil price weakness. Over 2019 as a whole, data from cargo tracking specialist Kpler showed Libyan exports consistently averaging 1mn bl/d. January’s figures fell to 700,000bl/d, and for the first three weeks of February plummeted to 65,000bl/d. “Basically, a million barrels a day of lost export, wh
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
