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The Pandemic Hammered Oil Prices. Vaccines Could Start to Boost Them Again.


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A recovery in oil prices will likely lag the global economic recovery and depend on widespread vaccination.
Johannes Eisele/AFP via Getty Images
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The year 2020 has been unlike any other, with Covid-19 economic restrictions hitting oil demand hard and OPEC+ disagreements contributing to a plunge to negative prices. But the rollout of vaccines in the U.S. and Europe offers hope for a fresh start in the new year.
“2020 was a year that proves that there is no such thing as 20/20 vision when it comes to forecasting energy market pricing,” noted Dan Klein, head of energy pathways and analytics at S&P Global Platts, during a recent energy outlook briefing. “There will undoubtedly be unforeseeable twists and turns over 2021 that will bring even more risks to the forecasts.” ....

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