Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. This year, the report considers topics such as the impact of the new coronavirus (COVID-19) on demand; slowing supply growth in the United States and other non-OPEC countries; and the level of spare production capacity in OPEC countries to help meet demand growth. Oil 2020 looks at the interplay between the expanding US influence in global oil supply and the demand from Asia for exports from the Middle East.

At the same time, global energy transitions are affecting the oil industry: companies must balance the investments needed to ensure sufficient supplies against the necessity of cutting emissions. In a decarbonising world, refiners face a big challenge from weaker transport fuel demand.