Abstract
The global oil market is currently being heavily impacted by the build-up of renewable energy power plants due to the threat of a warming climate. Many countries have decided to restructure the energy sector to minimize the burning of fossil fuels. This decision reduces the demand for oil and forces a revision of long-term oil market forecasts. The virulent COVID-2019 virus, which emerged in late 19, has caused a massive pandemic. The pandemic has markedly reduced human activity in all countries and, in the absence of effective drugs to deal with this virus and its many strains, poses additional long-term threats to both the global econ-omy and the oil market. This is confirmed by the forecasts of oil companies and think tanks discussed in this article.
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