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Conditions of the Global Oil Market in Light of Coronavirus Pandemic

Author

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  • Latifa Gaid

    (University Centre of Tipaza (Algeria))

Abstract

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.

Suggested Citation

  • Latifa Gaid, 2020. "Conditions of the Global Oil Market in Light of Coronavirus Pandemic," Management & Economics Research Journal, Faculty of Economics, Commercial and Management Sciences, Ziane Achour University of Djelfa, vol. 2(2Special), pages 137-149, june.
    • Handle: RePEc:alv:journl:v:2:y:2020:i:2special:p:137-149
    DOI: 10.48100/merj.v2i2Special.105
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    More about this item

    Keywords

    Novel Coronavirus; Oil market; Oil prices; Oil Exporting Countries; Oil Importing Countries;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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