Summary

In the depths of the COVID-19 pandemic, as the list of climate disasters grew and leaders were pitching a green take on infrastructure spending, it appeared for a moment that peak global oil demand might be arriving sooner than many had predicted. Subsequent events went far in dispelling any such notion however, namely a year-long rally in oil prices and severe energy disruptions in China and Europe, both of which were exacerbated by the volatility of renewables-based power generation. Will 2022 resemble the energy market of years past, or will the green revolution be arriving fashionably late?