Abu Dhabi, UAEMonday 25 May 2020

Business Extra: what do negative oil prices mean and how is Abu Dhabi coping with Covid-19

The chief executive of Qamar Energy (and The National's energy columnist) explains why prices for a key US oil contract dropped below zero

Oil storage tanks at the Marathon Petroleum Corporation's Los Angeles Refinery. US crude futures entered negative territory for the first time. Bloomberg
Oil storage tanks at the Marathon Petroleum Corporation's Los Angeles Refinery. US crude futures entered negative territory for the first time. Bloomberg

For the first time in history this week, the US oil price turned negative on Monday, plunging below zero as output exceeded storage capacity and demand falls to new lows as the coronavirus pandemic grinds the world economy to a halt. What does this mean and where do energy producers go from here?

Mustafa Alrawi, assistant editor in chief, and future editor Kelsey Warner are joined by The National’s energy columnist and chief executive of Qamar Energy, Robin Mills, to discuss the market. Later in the episode, the chief executive of Draper & Dash, Orlando Agrippa, talks about helping Abu Dhabi with its Covid-19 response through its AI platform, and what the next six weeks could be like for the emirate.

In this episode:

Robin Mills on the negative oil prices (0m 34s)

How is Abu Dhabi responding to Covid-19? (11m 58s)

Headlines (17m 05s)

Read more on our website:

How US oil prices tanked into negative territory

UAE Federal and emirate governments have launched 100 economic incentives in 45 days

UAE Central Bank says lenders have used 30% of Covid-19 support fund

Deutsche Bank sets up sustainable finance team to meet demand for ESG products

Updated: April 23, 2020 10:49 AM

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