Oil will fuel the roaring 2020s.The price of benchmark Brent oil has averaged $79 a barrel over the last decade. The financial crisis, an unforeseen surge in US shale production and a combustible Middle East defined the period for oil markets. The next 10 years could be even more volatile for the world’s most important fossil fuel. Despite the dramas of the last decade, crude prices are set to close out 2019 well below the 10-year average. In 2010, the outlook for demand looked just as uncertain as it does today in the wake of what became known as the Great Recession, when global GDP fell by 5.1pc and oil consumption dropped by 1.6pc in 2009. Low oil prices helped trigger the Arab Spring uprisings, which started as bread riots.
Telegraph 28th Dec 2019 read more »