This pandemic crisis is not at the beginning of the end; at best, it’s at the end of the beginning. As airlines are grounded and oil prices have their worst week for 30 years, the energy world that may emerge after the dust settles will have seven features.

They include: a likely slow and extended recovery; a thinner, consolidated oil industry; an earlier peak in oil demand; a global gas market; the historic peak in carbon dioxide emissions; political upheaval; and globalisation not halted but reshaped.

Fiscal stimulus for now is arguably like pushing wet spaghetti. Reduced interest rates, extra spending money and lower oil prices are not as effective when people are confined at home and businesses are not functioning. At best they keep people and companies solvent for a faster recovery afterwards.

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