Key Points

“Plunge in demand, supply glut, and plummeting price—even touching minus point—have made oil and gas market gloomy especially in ASEAN countries. Even so, some positive impacts may be felt by oil importing countries, while fuel price reduction to some degree can ease the social effect of COVID-19. Although this might be a signal of economic slowdown, optimism remains and keeps oil and gas sector afloat in this troubled period.”

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This energy insight is supported by the ASEAN Climate Change and Energy Project (ACCEPT), funded by the Norwegian Government under the Norwegian-ASEAN Regional Integration Programme (NARIP) and is jointly implemented by the ASEAN Centre for Energy (ACE) and the Norwegian Institute of International Affairs (NUPI). The project includes the active involvement of key ASEAN stakeholders, and helps enhance modelling, analytical and regional policy planning capacities within ASEAN.