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Letter from China: Anger erupts at Covid policy
The revolt against zero-Covid is significant but is unlikely to sway Beijing this winter
Letter from Beijing: Refiners hoping for summer rebound
Easing of Covid restrictions looks set to lead to surge in domestic travel
Letter from Beijing: Covid relapse threatens demand
China’s rebounding appetite for energy is being undermined by fresh lockdowns and quarantine measures
Letter from Houston: Omicron moves the dial
Covid-19 variant sends oil price tumbling as SPR release makes little impact
Letter from China: Covid resurgence compounds economic concerns
China’s economy faces headwinds that go beyond than the arrival of the Delta variant
Outlook positive for India despite Covid woes
The county’s crude demand may remain constrained this year, but the future is still bright
Oil traders focus on fundamentals, not geopolitics
Tolerance for perceived political risk has expanded, but such complacency could be dangerous
Indian oil and gas less disrupted by second Covid wave
The greater human toll of the latest spike in coronavirus cases is not mirrored in India’s hydrocarbons markets
Letter from the Middle East: Green shoots of recovery
There are many reasons to be cheerful across the Mena oil and gas patch
Worst is over for US refining
Wave of recent refinery closures and competitive edge make consolidation increasingly less likely
Covid-19
Chris Midgley
18 December 2020
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Environment emerges as pandemic winner

The coronavirus pandemic has altered not only near-term energy supply, demand and price, but also, to some extent, their long-term trajectories

There is debate as to whether coronavirus will accelerate the energy transition. But S&P Global Platts Analytics believes that, while Covid-19 has reduced long-term global oil demand by 2.5mn bl/d, this is not enough to substantively bring forward the year of peak oil demand, which we project for around 2040. In addition, while the pandemic is forecast to cut energy sector CO₂ emissions by 27.5Gt over 2020-2050—equivalent to almost one full year of emissions—more than ten times this reduction is needed to meet a scenario in which global warming is limited to 2°C through to 2050. In short, for both long-term global oil demand and supply, the impact of coronavirus is a decided step down, b

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