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Sun sets behind idle pump jack near Karnes City, Texas.

Eric Gay/AP

Analysis & Opinions - Bloomberg Opinion

Oil's Collapse Is a Geopolitical Reset In Disguise

| Apr. 29, 2020

The world is on the cusp of a geopolitical reset. The global pandemic could well undermine international institutions, reinforce nationalism and spur de-globalization. But far-sighted leadership could also rekindle cooperation, glimmers of which appeared in the G-20’s offer of debt relief for some of the world’s poorest countries, a joint plea from more than 200 former national leaders for a more coordinated pandemic response and an unprecedented multinational pact to arrest the crash in oil markets.