Norway: Oil Strikes, Oil Prices, and Energy Transition

Global commodities are still reeling from the shock imposed by COVID-19 on global manufacturing, transport, and supply chains. The interruption of economic activity and the gradual relaxation of social distancing guidelines have done little to provide support to global economic activity. Acorifnt to the ILF, the global economy is set to contract by 6.1% in its most recent World Economic Outlook (IMF, 2020).