COVID-19 pandemic has successfully disbarred every single thing that was unfortunate enough to come in its way. From the lives of people to the wheel that runs every mill in the world, COVID-19 has managed to spread like wildfire. Rapid reduction in the resources and crashing of stock markets has added to the misery of the world. Oil, being one of the most vital features of interest, has been affected by this infectious virus the most.
The oil industry has faced many distressing events in its timeline. Before 1970, many events occurred that proved to be extremely detrimental to the oil industry. From natural disasters, revolutions, and wars to industrialization, the oil industry has seen it all. What is more interesting is that right after 1970, Oil prices were able to amplify their pace, which remained fairly steady until the deadliest virus took the entire seven continents by storm, COVID-19.
One of the majors, why oil prices hit rock bottom during pandemic COVID-19 was the price war that took place among two of the most powerful countries in the world, Saudi Arab and Russia. It did not take much time for this price war to turn into an economic war as well. The entire world is at war with what we call an absolutely lethal virus, which has added to the global issue to a much greater extent. The prices of crude oil have not only collapsed at the hand of a rift between two countries but also exhibited the worst report in 2020.
Infographic by: Energyminute.ca