Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Meanwhile, the oil industry faces a major crisis
Brut America
Follow
3/25/2025
Meanwhile, the global oil industry is facing its biggest crisis in a decade. But environmental NGOs and activists see it as
an opportunity to accelerate the energy transition. This is why.
Category
đź—ž
News
Transcript
Display full video transcript
00:00
🎵
00:29
What is the impact of the COVID-19 pandemic on transport?
00:36
There was already a kind of structural imbalance
00:40
that has increased significantly with COVID-19
00:47
because all transport is stopped,
00:50
planes, cars, even the trade of goods.
00:54
But the bulk of the oil demand is for transport.
00:58
So no more transport, no more demand,
01:00
the supply continues,
01:02
it creates a huge imbalance
01:04
that explains the price collapse.
01:07
What is the impact of the COVID-19 pandemic on oil production?
01:14
During this time, tankers were arriving,
01:17
so they absolutely had to get rid of this oil,
01:21
knowing that otherwise they would have to pay for storage.
01:27
And as the slowdown of demand
01:29
made the stocks completely full,
01:32
they could no longer find customers
01:34
and they were ready to pay
01:36
to get rid of the oil they had bought.
01:40
What is the impact of the COVID-19 pandemic on oil production?
01:52
The COVID-19 epidemic
01:55
has completely disrupted the oil scene,
01:58
which was already quite unstable
02:01
insofar as, for quite a few years,
02:05
there has been a very significant increase in supply,
02:07
that is, in production,
02:09
notably due to the United States
02:11
and the inability of the OPEC countries
02:14
or large other producing countries
02:16
to agree to try to limit their production.
02:18
In the months or years to come,
02:21
it is very likely that demand for oil
02:24
will not go up fundamentally.
02:27
Air traffic will still be affected
02:30
for several months or even several years,
02:33
so there will be less demand,
02:35
people will move less,
02:37
so overall demand will drop.
02:41
What is the impact of the COVID-19 pandemic on oil production?
02:50
The structural flaws with this industry
02:53
were already visible before the pandemic,
02:55
but it has revealed just how vulnerable
02:58
we all are to shocks in the economy
03:01
and particularly shocks in the price of oil.
03:05
If we do not use this moment
03:08
to transition past the oil industry,
03:10
the oil industry economy that is driving climate change,
03:13
we can expect more shocks to come.
03:15
What is the impact of the COVID-19 pandemic on the economy?
03:26
Without a doubt, we are seeing
03:28
that people can change their behavior remarkably quickly
03:31
and governments can mobilize resources
03:33
if they believe that human lives are at stake,
03:36
and we know that human lives are at stake
03:39
from the climate crisis.
03:41
This is an opportunity to pivot the economy
03:43
towards clean energy,
03:45
and that's the choice that is going to be
03:48
the safest for people and planet,
03:50
and that's what we hope governments
03:51
will put forward in this crisis.
Recommended
0:46
|
Up next
“Any heavy metal bands looking for a vocalist?”: Hear baby cockatoos find their voice
The Independent
today
0:18
Humpback whale in Sydney Harbour treats commuters to a surprise
The Independent
today
1:30
Oil and gas giants have spent hundreds of millions lobbying the E.U.
Zoomin English
10/28/2019
1:22
Rapid Transitions to Clean Energy Has Dire Consequences, According to Oil Execs
Viraly-Stories
2/1/2022
0:35
OPEC sticks to policy of reducing oil output
euronews (in English)
12/5/2022
1:22
Energy Outlook: World oil demand continues to rise despite China's 2027 peak
AWANI
6/17/2025
7:00
BP Oil Spill Does Not Spell End of Big Oil
Financial Times
3/4/2019
0:41
Exxon Mobil Predicts Fossil Fuels Will Dominate Energy Mix Until 2050, Warns Halting Investment Could Lead to Energy Crisis
Benzinga
8/27/2024
0:41
End Fossil Fuels Scotland march in Edinburgh today
The Scotsman
9/16/2023
1:00
Global warming: BP anger climate protesters as they post ÂŁ2bn in profits
National World - LocalTV
8/1/2023
1:00
BP reveals a fall in profits in the face of lower oil prices
Yorkshire Post
5/7/2024
2:56
Fears over economic growth amid oil market collapse
The Star
3/13/2020
3:25
How to fuel the future | The Economist
The Economist
2/27/2019
0:36
Almost 3,000lbs of cocaine discovered on ship headed for Spain
The Independent
today
22:35
We Ditched 'Social Norms' To Find True Love | LOVE DON'T JUDGE
Truly
2 days ago
5:42
From No Eyebrows To Full Glam - This Is Crazy | TRANSFORMED
Truly
2 days ago
8:14
I Let My Vampire Husband See Other Women | LOVE DON'T JUDGE
Truly
2 days ago
1:08
These Companies Paid the Consequences for Their Monopolies
FYI News
5/14/2019
0:57
People React to Breakdancing Addition to 2024 Olympics
FYI News
5/14/2019
1:11
Jesse Pinkman's Best Scenes in Breaking Bad
FYI News
2/26/2019
0:44
Sea otter shows off rock to fisherman
Brut America
6/27/2025
6:48
Danny Boyle on his new film "28 Years Later"
Brut America
6/26/2025
0:35
Paris police car plays Titanic” music in flooded street after storms.
Brut America
6/26/2025
1:00
Police caught thief by testing the DNA on his lost shoe.
Brut America
6/25/2025
2:20
Trump to put a statue garden near Mt. Rushmore
Brut America
6/25/2025