The COVID-19 crisis has put the oil industry on life support. International appetite for oil is in freefall as ships, cars, planes and people hit pause around the world. Historic production cuts to control crashing prices proved too slow to turn the tide. Governments that depend on oil exports to pay for education, health, and food are staring into the abyss. Besides economic pain, depleted revenues could spell humanitarian impacts, security concerns and political unrest. Meanwhile, the new reality has major ramifications for consumers, the environment and global relations – with winners and losers on all sides. Energy expert Francisco Monaldi joins Altamar to break down the new global reality for oil. Monaldi is Rice University’s fellow in Latin American energy policy at the Center for Energy Studies and a lecturer in energy economics. He has taught at Harvard, Stanford and Tufts as well as many universities worldwide, in addition to consulting for multilateral institutions, governments and companies. Monaldi is the author of multiple publications on oil and its impact on politics and economics.
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