COVID-19 has sent shockwaves through the economy, including the energy sector.
Unprecedented global collaboration has been explored to stabilize energy markets.
The crisis offers an opportunity to consider a new energy order to enable the energy transition in a sustainable way.

The COVID-19 pandemic has affected every industry in one way or another. For oil and gas, prices have plummeted with the potential to cause disruptions well beyond the energy sector.

Though this is the worst possible way to begin a decade, the coronavirus pandemic and the collapse of oil prices also offer an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support the recovery phase once the acute crisis subsides.

This giant reset grants us the option to launch aggressive, forward-thinking and long-term strategies leading to a diversified, secure and reliable energy system that will ultimately support the future growth of the world economy in a sustainable and equitable way.

The crisis has created an unprecedented alignment between the Organization of the Petroleum Exporting Countries (OPEC) and the G20. While the impact of this alignment in the short term has been low and insufficient, the medium- and long-term effects could be substantial. The alignment demonstrates that it is still possible to reach global agreements even in the context of reducing globalization and increasing nationalism. The agreement between Saudi Arabia, Russia and the US – as proxy of OPEC, OPEC+ and the G20 – to cushion the oil price shock sets a precedent for future collaboration for global energy security and economic growth.