The impacts of the pandemic on the oil world

The effects of pandemic have been felt by various sectors and oil has not been left out thereof. Much of the future of oil was practically delivered into the hands of pandemic, as during the course of 2020, due to restrictions on the movement of and less air traffic there was a reduction in diesel and gasoline consumption. if thus configuring an environment with great supply access and scarcity of demand.

Not having the necessary attention that the crisis deserves could mean a loss of future competitiveness. In the United States, oil contracts came to be traded for negative amounts due to low demand – it's like a kind of strategy where the company pays the buyer to get their product. Still without further solutions, the hope is that the next opec (Organization of Petroleum Exporting Countries) meeting can change the oil production and price scenario.

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