Economic impact

of Covid-19

Mehrubon Esoiyon
Introduction (Oil Industry)

● Oil is used for transportation, and for products

● The main exporters of oil as of 2018 include Saudi Arabia, Russia
and Iraq
● The biggest oil companies in the world are the China Petroleum
& Chemical Corporation, PetroChina Corporation and Saudi
Arabian Oil Corporation
● The highest oil consumers in the world as of 2019 include the
USA and China
Importance of Oil

● Oil is very important not only because it's one of the main
sources of energy, but also because it's used to create products
as well
● These products include for school (glue, rulers), for building
(paint, roofing tiles) and for gardening (fertilisers, pesticides)
● This is all achieved by the crude oil being refined in an industrial
process plant
Coronavirus impact on the oil industry

● On April 20th, oil prices took a nosedive to the lowest

level in history
● First dropping below 5$ a barrel, it hit 0.01$ before falling
to as low as negative 40$ and eventually settling at
negative 37.63$
● Saudi Arabia and other organisations of the Petroleum
Exporting Countries (OPEC) are considering cutting oil
output as soon as possible
Final evalution

● All in all, the impact Covid-19 has had on the oil industry is quite
huge
● An expert by the name of Fatih Birol believes the impact has
“fast forwarded some power systems 10 years into the future,
suddenly giving them levels of wind and solar power that
wouldn't have had otherwise without another decade of
investment”
● The race for renewable energy seems to be at an all time high