This whitepaper by Brand Finance, titled "How Brands Can Overcome Unprecedented Crises," discusses the impact of the COVID-19 pandemic on global demand for oil and gas, which has led to a disagreement between members of OPEC about curbing oil supplies. The failure of the Russians and Saudis to agree on quotas has resulted in a sharp drop in oil prices, causing significant harm to oil producers in the US and major oil companies. The paper also notes that the pandemic has led to an immediate recession, stock market slump, supply and demand contractions, an oil price collapse, and massive unemployment, making it the worst downturn in 100 years. The UK is expected to be locked down for 3 to 6 months, and its GDP is expected to shrink by 10% in the first half of the year. The government has provided monetary and fiscal stimulus, but significant unemployment and damage to certain industries are still expected.
