Research on the process and implications of the world energy transition under the COVID-19 pandemic

Abstract

The global outbreak of COVID-19 has posed severe challenges to the world economy. It has changed the development trend of the world economy and society, increased uncertainties in the future, and quietly changed the international order, promoting the formation of a new pattern of "one world, two systems". In the short term, the pandemic will have a huge impact on the global oil and gas market and industry development. In the long run, the epidemic has presented a distinct feature for the global energy transition. The enlightenment of these changes to all countries is that the fundamentals of the world economy are still the biggest basis for determining the trend of the energy market, and the contradiction between supply and demand is the main line to explain this energy transition crisis. It is also important to consider that the energy market should establish a mature buffer mechanism in self-adjustment and capital allocation due to the combination of multiple internal and external factors during the epidemic and energy transition period.