The Covid-19 pandemic has ravaged energy markets and decimated demand. Of the three fossil fuels, coal, natural gas, and oil, demand for the latter was affected most due to its importance for the transportation sector. With grounded airplanes, reduced shipping, and parked cars across the world, the consumption of petroleum products decreased significantly in 2020.
As demand recovers and oil prices rise at the beginning of this year, markets are increasingly concerned that the OPEC+ agreement that has provided moderate stability, could be about…Has This Record-Breaking Oil Rally Gone Too Far?
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