On Wednesday, March 25, 2020, we hosted a live interactive webcast where Regina Mayor, global and U.S. head of Energy and Natural Resources, KPMG in the U.S., and Robert Johnston, managing director, Energy, Climate and Resources, and executive advisor, Eurasia Group, discussed the possible impacts of COVID-19 on the energy industry.
The whole world is collectively grappling with the outbreak and spread of COVID-19. For businesses, many are coping with the virus’s impact across their organizations. Within the energy sector, in particular, COVID-19 is creating a remarkable demand destruction event: supply chains halted as the need for oil dropped significantly amid travel bans and local quarantines. In addition, a disagreement erupted between OPEC and non-OPEC producers, which led to a burgeoning oversupply of crude oil. Coupled together, these two events are resulting in a very imbalanced supply/demand scenario and a massive selloff in oil markets.
The KPMG Global Energy Institute, in conjunction with Eurasia Group, invite you to replay the discussion on the possible impact of COVID-19 on the energy industry.