Since its discovery in 1859, oil has been the main source of energy and main source of income for many countries. The finite resource was subject to major hits in the past three decades. The last of which took place last year. However, the sector has begun recovery paving the way for figuring out demand levels, and hence, estimating supply and investments in the sector.
Speculations on the Short, Medium and Long-run
In an event held by Reuters in December, President and CEO of Pioneer Natural Resources Scott Sheffield showcased that negative rates did not just appear in 2020 but also in 1991, 1996, 2008, and 2014. He underlined that last year’s crisis occurred due to two reasons, which are the price war and the COVID-19 pandemic. With regard to demand, Sheffield argued that people are ready to travel, which will generate demand […]