By slashing demand for foreign labor, the global economic fallout from COVID-19 will deprive Gulf countries of some of the highly skilled workers needed to grow and diversify their oil-dependent economies.
In this podcast, Emily Donahue speaks to Greg Priddy about the near future for global oil markets.
As COVID-19 saps demand, Riyadh is recognizing that it will eventually need to adjust its spending habits to the global oil market, instead of the other way around.
By Greg Priddy
Minsk’s continued pursuit of new energy partners despite Russia’s resumption of oil deliveries will enable it to negotiate more favorable terms in a potential integration agreement with Moscow.
By Sim Tack
While it may initially help ease its growing budget deficit, Riyadh’s new austerity measures could eventually stymie private sector spending and provoke political unrest.
The sharp loss of oil and gas revenue will disrupt Gulf states' diversification plans, even as it proves the very need to broaden their energy-based economies.
Why did West Texas Intermediate, the main U.S. crude oil benchmark, go to negative prices Monday afternoon and where do producers go from here?
By highlighting the country’s severe vulnerability to global market shocks, the pandemic is increasing pressure on Algeria’s government to quickly diversify its oil-dependent economy.
As Russia’s active oil fields shrink, shifting focus to more difficult-to-access reserves won’t be easy. But reducing Moscow’s reliance on oil revenue may prove all but impossible.
COVID-19 market shocks have prompted the world’s oil producers to approve the biggest-ever production cut, though the move is still unlikely to keep prices from falling further.
By Greg Priddy
