The global oil market is going through an extraordinary period. The twin shocks of a significant increase in global supply and a remarkable fall in oil demand appear to have no parallel in history. Together, the collapsed OPEC+ agreement and the coronavirus outbreak have put OPEC and the value of its role in the market back into the spotlight. As KAPSARC has previously studied and written, OPEC’s ability to measure and offset oil market shocks through the use of its spare production capacity has been a substantial stabilizing force, perhaps reducing oil price volatility by as much as half. However, the scale of the current disruption is too big for OPEC to rebalance the market alone.
Andrew Stanley
Former Content and Data Visualizer Andrew Stanley was a strategic communications specialist at KAPSARC. Most recently, he served as the Lead Content and Data Visualizer… Andrew Stanley was a strategic communications specialist at KAPSARC. Most recently, he served as the Lead Content and Data Visualizer in the Research Department, where he managed efforts to improve the accessibility of KAPSARC’s research and analysis. He also briefly served as the Interim Media and Profile Lead in the Communications Department, during which time he reformed KAPSARC’s digital media platforms. Previously, he was an Associate Fellow at the Center for Strategic and International Studies (CSIS) in Washington, DC, with the Energy Security and Climate Change Program. His work there was widely published online, in academic journals, and referenced in outlets such as the New York Times, Financial Times, and Bloomberg among others. He has also worked at KPMG and Shell. Andrew holds a master’s degree in International Business and Politics from the Copenhagen Business School, Denmark and a Bachelor in Business Studies from Trinity College Dublin, Ireland.