Tag(s):
virus ,
pandemic ,
COVID-19 ,
McKinsey ,
energy ,
oil ,
oil and gas ,
decarbonization ,
fossil fuels ,
renewable ,
electric vehicles
Jan 20, 2021
Economies worldwide have experienced profound effects of the global health crisis, triggered by widespread public-health responses aiming to control the virus.
Energy markets have reflected the uncertainty and shown exceptional movements. At the beginning of the crisis, plunging fuel demand in many key markets was reflected by prices: by the end of March 2020, the price of gas hit a 30-year low, whereas the price of oil, also affected by supply shocks, showed the largest single-day decline in the past 22 years. As economies have reopened, energy commodities have shown a partial rebound: for example, by the end of third quarter 2020, oil demand in China was back at pre-COVID-19 levels, and 50 percent of the decline was recovered in Europe and North America.
In this volatile environment, long-term scenarios are more important than ever. To address the various pathways for the energy transition, our Global Energy Perspective presents four energy scenarios, which are based on contributions from hundreds of McKinsey expert practitioners worldwide. Read more
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