In May 2020, South Korea unveiled a long-term energy plan (basic energy policy for the years 2020-2034) shifting from thermal and nuclear power generation to renewable energies

Opportunities include further development of hydrocarbons reserves in Russia's Arctic offshore zone, which contains over 85.1 trillion cubic meters of natural gas, and 17.3 billion mt of crude and condensate.

Gas accounts for little over 6pc of India’s primary energy consumption mix, which is far below the global average. New Delhi has set a target to raise this to 15pc by 2030,

Your Excellency, Prime Minister Modi, OPEC is a reliable partner of India and the great strategy you set out for your esteemed country. Long may this relationship continue to blossom.

Foreign direct investment (FDI), a bellwether of globalisation and economic confidence, fell by 49 per cent to $399 billion in the first half of 2020,

Japan’s previous objective was to become carbon neutral after 2050.

CNOOC’s hydrocarbon output increased from 475 mboe in 2018 to 506.5 mboe in 2019 (+6.6%).

Global growth is projected at minus 4.4 percent in 2020 and plus 5.2 percent in 2021.

The debate over carbon border measures flows from the EU's policy of imposing a price on carbon emissions in the EU which is not replicated in much of the rest of the world, with some exceptions, presenting a threat to European carbon-intensive industry's competitiveness.

In 2040, despite increasing investments in renewables and concerns with emissions, oil and gas are still projected to make up about 50 percent of the global energy mix. This is a view held by major third-party sources.

The goal of carbon-neutrality by 2060 will require China to kick its longstanding addiction to coal while building unprecedented amounts of intermittent wind and solar capacity.

The European economy is projected to contract by 7 percent in 2020 and rebound by 4.7 percent in 2021.

Bangladesh, Belarus, Egypt, Turkey and the UAE are among the nuclear newcomers, while Kenya, Ghana, the Philippines and Uzbekistan are "seriously considering" joining their ranks, Grossi said.

"We see oil demand peaking in around 2040 as a result of a slowing economy, together with less fuel demand for cars, aircraft and ships."

The EU-27 is projected to reach a share of renewable energy between 22.8% and 23.1% in gross final energy consumption in 2020.