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GLOBAL
GREEN ENERGY COULD DRIVE COVID-19 RECOVERY WITH $100TN BOOST Renewable energy could power an economic recovery from COVID-19 by spurring global GDP gains of almost $100 trillion (£80 trillion) between now and 2050, according to a report. ALBERTA TO STAY COURSE AS OPEC, ALLIES REACH DEAL TO CUT OIL OUTPUT The OPEC and allies led by Russia have agreed to cut oil output by a record amount – representing around 10 per cent of global supply – to stabilize prices as the COVID-19 pandemic has decimated demand for oil. After four days of marathon talks, the group, known as OPEC+, agreed to reduce output by 9.7 million barrels a day for May and June. COVID-19 IS KILLING OIL AND GAS BUT THE VIRUS COULD ALSO POISON RENEWABLES Given the economic downturn — 7 million jobs lost in March alone — the demand for oil and gas will remain weak. That will cause prices to fall even further, perhaps as low as $20 per barrel. But the dip will be relatively short-lived. And while oil prices are expected to climb again, green energy’s future is now in limbo. With gasoline prices so low, the pressure is off to invest in alternative fuels. Canadian Independent Petroleum Marketers Association | Connection 2020 |
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