The Oil Price Shock(s) of 2020

The World Energy Council has published its annual World Energy Issues Monitor. Now in its 12th year, the report provides a forward-looking assessment of the global energy agenda based on the views of more than 2,500 energy leaders from 108 countries.

The current perspectives for the formation of international energy markets are mainly due to the policy of decarbonization of world energy and the growth of energy consumption. Each country forms its energy policy based on its own fuel and energy potential and the situation on international energy markets. The global oil market is currently largely dependent on global processes with a high degree of ‘uncertainty" associated with the use of protectionist and political methods of struggle in the global world economy. «Trade wars», and sanctions increase the uncertainty of the market for the «global» energy resource — oil. The global market for «alternative» energy and technology in this area is much more defined and predictable. The introduction of «platform» economy methods in the energy sector, in combination with the macroregional form of organization of energy markets, will reduce uncertainty factors by avoiding protectionist methods, including sanctions methods, leaving them behind the «perimeter» of macroregional borders.

A team of experts at the Organisation for Economic Co-operation and Development has observed an increase in the number of users of e-commerce services during the COVID-19 pandemic and compiled a series of recommendations on building a regulatory framework to promote further digitalization in the retail sector.

In 2011 Eric Schmidt — one of the most renowned figures in the IT industry and at the time Executive Chairman of Google — spoke at the session «The World According to Google» at the St. Petersburg International Economic Forum. What he said turned out to be remarkably prophetic, particularly when viewed from the context of the current COVID-19 pandemic and our experience of self-isolation.