Aalytical study of the Corona's pandemic implications for world oil prices

Abstract

This study aims to shed light on the consequances of the Corona pandemic on global oil prices, we seek  to identifing the Corona pandemic and the most important measures to limit its spread. A well as highlight its most important implications  on global oil prices, and to know the extent of its contribution to influencing demand and supply in the markets. Therefore, an analysis of oil price developments in light of this pandemic was presented to track the performance of demand and supply as well as oil prices in world markets during the study period.

Based on the above, we found that the spread of the Corona pandemic since the beginning of 2020 has caused a decrease in global demand for oil as a result of strict measures of social distancing and quarantine. This led to a significant decreaîse in oil prices, as well as a decrease in the global supply of oil during the study period, which resulted from OPEC's plan to temporarily reduce oil production due to the decline in demand for it as a result of the Corona pandemic.