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Oil Industry Crisis

Oil and gas markets: Living with COVID-19

The oil emergency of earlier this year is over, but repercussions of COVID-19 continue to shape oil and gas markets. Oil demand increased at a record pace from April to August, but demand still remains well below pre-COVID levels. The recovery is fragile and will be buffeted by shifting expectations and news until COVID-19 is contained and effective vaccines are available. IHS Markit keeps clients ahead of the curve by understanding what is happening today and how it could evolve in the months and years ahead. Trillions of dollars of investment and spending are at stake.

  • Will demand reach and exceed pre-COVID levels?
  • How is investment impacted by the uncertainties unleashed by the global pandemic?
  • Are demand patterns and trends definitively altered by changes in behavior and policy?


To manage this difficult time of oil market uncertainty and analyze the implications for your business, IHS Markit has identified solutions critical for different sectors. Find out how we can help you.

Focus AreaKey solutions addressing the oil markets crisis
Oil, Downstream, Refining
Gas, LNG
OPIS Pricing


Daniel Yergin, Ph.D.

The Pulitzer-Prize winning author of "The Prize," and "The Quest," Dr. Yergin is vice chairman of IHS Markit and founded IHS CERA (now part of IHS Markit). He is an authority on energy, international politics and economics. His awards include Lifetime Achievement from the Prime Minister of India and the United States Energy Award for lifelong achievements in energy and the promotion of international understanding. He holds a Bachelor of Arts from Yale University and a Ph.D. from Cambridge University, where he was a Marshall Scholar.

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Atul Arya, Ph.D.

Dr. Arya is Senior Vice President and Chief Energy Strategist at IHS Markit. He is responsible for integrating energy content, analysis and insights across the entire energy value chain and for c-suite client engagements. His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at IHS Markit. Dr. Arya previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Arya has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.He holds B.S., M.S. and Ph. D. degrees in engineering.

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Jim Burkhard

Mr. Burkhard is vice president and head of crude oil market and energy and mobility research. He is responsible for the development and coordination of IHS Markit insights and messages for global and regional oil markets and scenarios. His expertise covers geopolitics, industry dynamics, and global oil demand and supply trends. He has more than 20 years of experience in energy markets. He also leads research into how changes in the automotive ecosystem are impacting the future of the energy and automotive industries. He led the ground-breaking IHS Markit study, Reinventing the Wheel (RTW): The future of cars, oil, chemicals, and electric power. RTW has been cited by numerous press outlets around the world including the Wall Street Journal, the Financial Times, CNBC, Bloomberg, and media outlets in China, Europe, and India.Mr. Burkhard has led the development of each generation of IHS Markit scenarios that bring together the entirety of IHS Markit energy research to form an integrated global outlook for the future of energy. The 2006 scenarios pointed to a major debt-induced global crisis two years before the 2008 recession; and in 2011, identified the roadmap to $50 oil by 2014/15. Also, in early 2020, his team was the first to identify the scale of production cuts that would materialize in the US and OPEC+ members in the second quarter of the year.Mr. Burkhard has testified before the US Congress on energy issues and is frequently sought for comment by global media. He has participated in several US National Petroleum Council (NPC) studies that provide policy recommendations to the US Secretary of Energy on oil and gas issues. Prior to joining Cambridge Energy Research Associates before its acquisition by IHS Markit, Mr. Burkhard was a member of the US Peace Corps in Niger, West Africa, where he directed infrastructure projects to improve water availability and credit facilities. He holds a BA from Hamline University and an MS from the School of Foreign Service at Georgetown University.

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Daniel Evans

The team Mr. Evans leads is responsible for the global and regional short-term refined product supply, demand, price and margin outlooks, detailed downstream market research and also contributes to the long-term supply, demand price and margin forecasts. Mr. Evans team also delivers global lubricants, retail and biofuels research. He has been involved in work on the future of energy and mobility and lead studies focused on the future of trucking, aviation and shipping.Prior to joining IHS Markit, Mr. Evans worked for Statoil in corporate strategy where he was responsible for analyzing global business opportunities and framing the strategic investment context for senior management.Mr. Evans holds a Masters degree in Civil Engineering and Construction Management from Leeds University, and studied jointly at the University of California, Berkeley.

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Kurt Barrow

Mr. Barrow is head of research for crude oil markets, NGLs, refining, and petrochemical feedstocks and has responsibility for joint mobility research with IHS Markit automotive. He leads research activitiies for oil demand forecasting, scenario planning, refining economics, and price forecasting. He supports executives and corporate boards with views on energy transition, refining/petrochemical integration, and market developments in the crude oil and refining sectors. Mr. Barrow began his career as a refining engineer at Exxon and holds a Bachelor of Science in mechanical engineering from Kansas State University and an MBA from the University of Houston.

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Rina Quijada, Ph.D.

Dr. Quijada is vice president for Latin American business development and research and analysis on the Oil Markets, Midstream, Downstream, and Chemical team at IHS Markit. She has devoted her career to the petrochemical industry for more than 30 years, specializing in Latin American markets. Prior to her current role, she was founder and CEO of IntelliChem, Inc. (now part of IHS Markit), focusing on market intelligence and research and training related to the petrochemical industry, specifically in Latin America. Previously, Dr. Quijada was a partner at CMAI (now IHS Markit), where she developed marketing strategies and client development efforts throughout Latin America and created the global chlor-alkali consulting business. Dr. Quijada began her career at PDVSA subsidiary Pequiven, where she held managerial positions at the production, commercial, and corporate planning level. Dr. Quijada earned a Bachelor of Science in organic chemistry from Bryan College, Tennessee, United States. She holds a Master of International Management from Thunderbird School of Global Management, Glendale, Arizona, United States, and attended the Oxford University master's management program. Dr. Quijada holds an economics doctorate from Universidad Santa Maria, Venezuela.

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