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 143: Australia and the Indian Ocean - Priorities, Responses and Challenges
Episode 142: India’s Space Sector Boom
Episode 141: The Sri Lankan Economic Crisis
Episode 140: India-Aus FTA - Boost to Bilateral Ties
Episode 139: Political Upheaval in Pakistan
Episode 138: Ratification of the MCC Nepal Compact
Episode 137: India’s Digital Currencies
Episode 136: Indian State Elections - Punjab
Episode 135: Indian State Elections - Uttar Pradesh
Episode 134: Russian Invasion of Ukraine - The South Asian Dilemma
Episode 133: Data Protection in India
Episode 132: India’s Quest for Drones
Episode 131: Pakistan’s National Security Policy
Episode 130: South Asia Outlook 2022 - Maldives
Episode 129: South Asia Outlook 2022 - Bhutan
Episode 128: South Asia Outlook 2022 - The Union Budget of India
Episode 127: South Asia Outlook 2022 - Afghanistan
Episode 126: South Asia Outlook 2022 - India (Political)
Episode 125: South Asia Outlook 2022 - Bangladesh
Episode 124: South Asia Outlook 2022 - Nepal
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