2020 has seen some dramatic action in the energy market with prices at one stage being sharply negative but since then they have recovered sharply. Guy Foster, Head of Research uses this opportunity to ask Bob Ryan, Chief Commodity and Energy Strategist at BCA, where are we in the ongoing search for an oil price equilibrium? How has COVID19 affected demand for oil? How have energy producers responded? And will they be able to maintain discipline? We also discuss which producers will bear the brunt of the low price and where the new equilibrium oil price might be.