Demand for the world’s most important commodity, oil, has crumbled due to the COVID-19 pandemic. In the fourth week of April this year, the US oil prices plunged to below zero for first time in history. The fundamentals of the oil industry are not determined merely by demand and supply. Geopolitics, the politics of exchange rates and paper trading also impact its performance. This could be, by far, the greatest crisis the oil industry has ever faced impacting upstream and downstream activities. It is estimated that more than 400 industry-related companies worldwide will not be able to bear the production cost at US$20 per barrel.
This conversation between Dr S Narayan (Visiting Senior Research Fellow, ISAS) and Mr Vikram Mehta (Executive Chairman of Brookings India), looks at the impact and challenges that the dive in crude oil price will have on South Asia’s oil and energy sector, as well as the economic impact (consumption and net exports) on India. For India, there is also an urgent need to build linkages and pipelines between oil and gas producers in other parts of the region such as Bangladesh.
Episode 183: Critical Minerals in India
Episode 182: Air Pollution in North India
Episode 181: Sustainability Issues in the Himalayas
Episode 180: Green Hydrogen in India
Episode 179: The Indian Budget 2023
Episode 178: South Asia Geopolitical Outlook 2023
Episode 177: South Asia Economic Outlook 2023
Episode 176: South Asia Outlook 2023
Episode 175: An Overview of COP27
Episode 174: A Tough End to 2022 for Bangladesh
Episode 173: State Elections in Gujarat and Himachal Pradesh
Episode 172: India-Russia Relations
Episode 171: The Quad and Ransomware
Episode 170: G20 in Bali - Analysis
Episode 169: The 1962 War - Reflection of Sino-Indian Relations
Episode 168: The Crises in Pakistan
Episode 167: G20 Bali Summit - What to Expect
Episode 166: Renewable Energy in India
Episode 165: Food Security in India and South Asia
Episode 164: Bangladesh’s Economy and Growing Chinese Investments
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