Following a tumultuous year for global oil markets, energy analysts and governments around the world are still grappling with questions about what the future holds both in the short and medium terms.
This year, will oil demand recover from the disruption of the COVID-19 pandemic? And can Saudi Arabia, Russia and other OPEC+ participants maintain their extraordinary discipline in terms of limiting their production? Will they need to? Additionally, 2021 started off with parts of the United States experiencing extreme winter weather conditions. Has this impacted U.S. oil supply?
Looking five years ahead, things seem even more uncertain. Has the peak of world oil demand already occurred? Will U.S. producers continue to prioritize cash flow over growth?
To answer these questions, the Baker Institute Center for Energy Studies convened a world-class panel that discussed the International Energy Agency’s (IEA) latest oil market outlook, including its flagship monthly Oil Market Report and its annual Five-year Oil Outlook. Toril Bosoni, the head of the IEA’s Oil Industry and Markets Division, presented the findings of each report. Following this, Mark Finley, the fellow in energy and global oil at the Baker Institute, moderated a discussion with Helen Currie, chief economist of ConocoPhillips, and Colin Fenton, chairman of commodities in the advisory practice of Tudor, Pickering, Holt & Co. The discussion was followed by questions from the audience.
This event was co-sponsored by the Baker Institute Center for Energy Studies and the International Energy Agency. Follow @CES_Baker_Inst on Twitter, and join the conversation online with #BakerEnergy.
Download slides from the presentation here.
9:00 a.m. — Presentation
9:30 a.m. — Moderated Discussion
Chairman of Commodities, Tudor, Pickering, Holt & Co.
Fellow in Energy and Global Oil, Center for Energy Studies, Baker Institute