ResearchAndMarkets reports: The ongoing COVID-19 pandemic has hit each and every industry hard, but perhaps the one industry which has taken the biggest hit is the global oil and gas industry.
ResearchAndMarkets reports: The spread of this virus has forced many oil and gas companies to either stop or slow down their physical operations, which has impacted production in both upstream and downstream operations.
Perhaps the biggest and most significant impact of the coronavirus pandemic on the downstream oil market has been the price crash of crude oil within a short time. Consider this, on 1 January 2020, the price of a barrel of crude oil was being sold for US$67.05 on the NASDAQ exchange in New York. By 15 March 2020, this price had crashed down to US$30/bbl. Oil majors have taken a major hit – BP's market cap today is just 51% of what it was at the start of 2020.
Players in the oil and gas sectors are struggling with declining demand, ensuring employee safety and business stability, oil price war, and need to focus on building a flexible business model that can lead to long-term resilience as the world comes out of the coronavirus crisis.
The report provides a much-needed insight into the following:
An analysis of the global oil and gas sector with a close look at the impact of the coronavirus pandemic on the industry. Industry statistics, market value and volume analysis, and industry segmentation are included.
Porter's Five Forces Analysis of the global oil and gas industry that looks at the competitive forces affecting the industry. Bargaining power of buyers and suppliers, competitive rivalry in the industry, and the threat of new entrants and industry substitution is analysed.
Region-wise analysis of the global oil and gas industry that includes market overview, market value and volume analysis, industry segmentation, industry forecast, and the impact of the COVID-19 pandemic on these regions.
Regions analysed include: Asia-Pacific. Europe. Middle East. North America. South America.
The report also includes a forecast of the global oil and gas industry up to 2023. An in-depth analysis of the major players in the global oil and gas industry through a company overview, an analysis of their business segment, a financial analysis, and SWOT analysis. Total 99 industry players are analysed in the report.
As the global oil and gas industry continues to understand the overall effect of the coronavirus pandemic on oil demand and what the future holds, dealing with lower product demand and coming to terms with the fall in prices is a stark reality facing many companies in the coming months. This insightful research is a stepping stone for investors, researchers, and analysts worldwide to get a closer look at the global oil and gas industry 2020.
Read the article online at: https://www.worldpipelines.com/business-news/17072020/new-report-impact-of-covid-19-on-oil-and-gas-regional-markets/