We are, in more than one way, living in the greatest
crisis since the Second World War. Yet, our lives go on, at a relatively slow
pace, of course, with no danger of a hunger, a famine or chaos breaking out on
a global scale or at national level.
That’s the difference. In addition, unlike in the
Second World War, our infrastructure remains intact and in some parts of the
world, it is even improving on many fronts.
In a further sign of overcoming the negative impact
of the Coronavirus, innovation is on the rise at an exponential rate, especially
in technological sector – across the world.
The steady growth of crude oil markets reflects the
combined positive impact of these developments on the sector, defying doomsday
predictions about the markets.
We live in an era with the buzzword being ‘going electric’,
when it comes to transportation, without giving a proportional attention to the
source of it.
At the extreme end of the energy conversion chain, however, fossil fuels still maintain its influential presence without an immediate
risk of being displaced by the tidal wave of emotionalism. Facts amply support the
realities on the ground.
In BP’s annual review, released in June this year,
for instance, it was clear 84% of world energy needs still come from fossil fuels.
Of course, the statistic may be changing for the developed world in the coming
years. But, for the developing world, it’s easier said than done.
In this context, the investors, who still pin their
hopes on fossil fuels, keep investing while defying gloomy analyses. This is
the secret behind the steady growth of oil market despite being in the negative
territory in April for the first time in its history.
