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Western desire for green energy will not doom oil and gas industry

The news these days for Middle East oil producers appears to be all bad. The coronavirus pandemic and collapse in global energy demand in the first quarter of 2020 led to plunging oil prices. Despite April’s historic OPEC+ deal to slash output by an unprecedented 9.7 million barrels per day (bpd), oil prices have been stuck around US$40 per barrel since June.Prospects for an economic recovery for the Middle East already looked precarious after the fall in oil prices in mid-2014 as the US “shale…

Read the original article at South China Morning Post

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