Open AccessConditions of the Global Oil Market in Light of Coronavirus Pandemic
Author(s) -
لطيفة قعيد
Publication year - 2020
Publication title -
mağallaẗ buḥūṯ al-idāraẗ wa al-iqtiṣād
Language(s) - English
Resource type - Journals
eISSN - 2710-8856
pISSN - 2676-184X
DOI - 10.48100/merj.v2i2special.105
Subject(s) - pandemic , china , covid-19 , crude oil , business , oil supply , economy , international trade , economics , agricultural economics , geography , engineering , petroleum engineering , medicine , disease , archaeology , pathology , infectious disease (medical specialty)
During the last months, the spread of Coronavirus has greatly affected the demand for energy over the entire world; especially in China, which is the largest consumer of crude oil. Most of the factories have stopped their productions and thousands of flights around the world have been cancelled. The virus started in the city of Wuhan in China and becomes now pandemic.
Our study focuses on the international market situation of oil in light of current circumstances, using an analytical approach. We conclude that this virus has lowered the demand for brut oil, which has deteriorated oil prices. It is worth pointing out that the countries that export brut oil are the most affected by this crisis; especially the ones whose economy depends entirely on hydrocarbons.