Oil & Gas Industries Affected By COVID-19

Most countries have implemented the lockdown regulations and stay-at-home order to prevent the outbreak of COVID-19, causing an unprecedented impact on the oil and gas market. According to a report by the International Energy Agency (IEA), the global oil demand in April 2020 slumped to 19.9 million barrels per day as compared to last year. The global oil demand is estimated to gradually recover from 2021. The IEA now sees global oil demand at 99.9 million barrels a day in 2020, with a cut around 90,000 barrels (0.1%) a day from 2019. The global oil and gas market is expected to recover in the first quarter of 2021 with the released of the movement control order.