The global automotive industry faces perhaps its greatest challenge ever in the weeks and months ahead, trying to reopen amid a global pandemic.

 During the recent height of the pandemic, it looked like things couldn’t get much worse.

The easing of COVID-19 cases provided an opening for many to restart, but the tough times are far from over.

The long-term question is whether they can stay open.

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Halliburton, the world’s second-largest oil field services company, was formed in Duncan, Oklahoma more than one hundred years ago.

According to company lore, Eric P. Halliburton began an oil well cement business in Duncan in 1919 after borrowing a wagon, mules and a pump.

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There are signs of economic life in China after months of paralysis.

A car factory in Tianjin. A freight railyard in Wuhan. Oil storage tanks across China.

The impact of China’s lockdown was highly visible in these places. Now, the signs are pointing in a different direction, suggesting efforts are underway to revive the world’s second-largest economy.

Will the world run out of storage to place unwanted barrels of oil?

The reduction in oil demand caused by coronavirus-related turmoil and Saudi Arabia’s record-high production have combined to create a massive oversupply. Where will it all go?

Oil prices have collapsed over the last few weeks, with NYMEX crude and ICE Brent hitting lows Wednesday last seen 2002-03.

Could OPEC and Russia agree to cut oil production by enough to offset the loss of demand resulting from the coronavirus?

That question framed this week’s gathering of oil ministers in Vienna, with the outcome no doubt having a big impact on oil prices.

The global crude benchmark plunged more than $18 per barrel (-26%) to almost $50/b from early January to late February.

This week the International Energy Agency (IEA) weighed in on the biggest question facing the oil market.

“Global oil demand has been hit hard by the novel coronavirus and the widespread shutdown of China’s economy,” the IEA said in its latest monthly report.

Oil demand will fall by 435,000 barrels per day (bpd) in the first quarter, compared with the same period a year ago, marking the first quarterly decrease since 2009, according to the IEA.

It’s the time of year to make predictions.

This week, we attended an event hosted by the New York Energy Forum (NYEF) to discuss the outlook for oil prices.

Where are oil prices headed in 2020? What will be the main stories impacting the market?

A survey conducted by NYEF showed most respondents believe oil prices in 2020 won’t stray far from current levels.