Crude oil markets: reality vs. expectations

Back in April, when the world was immersing into the first lockdown due to overwhelming spread of COVID-19, we developed three scenarios of how the oil industry might develop in the future, given wide range of potential developments.

It is now interesting to see how the reality would play against the scenarios. You can see the overview of the scenarios on Picture 1. Basically, key differentiators are the factors most effecting performance of the industry in monetary and physical terms — crude price and crude demand in from of refining volumes.