Oil and Gas – One of the Hardest Hit Industries by COVID-19
Comprehensive Industry Analysis and Forecast 2020-2023
The “Global Oil and Gas Industry 2020 – A Complete Analysis” report has been added to ResearchAndMarkets.com‘s offering.
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. 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 January 1, 2020, the price of a barrel of crude oil was being sold for $67.05 on the NASDAQ exchange in New York. By March 15, 2020, this price had crashed down to $30.00 a barrel. 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 analyzed.
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.
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