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Global Oil Industry Market Trends, Size, Competitive Analysis and Forecast - 2019-2025

<br>Coronavirus epidemics have a significant impact on the global oil industry as the crude oil price has declined significantly in a short time, resulting in declining share prices of oil companies. A wide range of energy markets, such as renewables, coal, and gas, has been affected by the coronavirus crisis. However, its effect on the oil industry is severe as it is stopping people and goods from moving from one country to another, which leads to a reduction in the demand for transport fuels. The demand for oil has significantly affected the reduction in air travel. plastics due to its environmental effects and fluctuation in prices of raw materials can hinder the growth of the market.<br>

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Global Oil Industry Market Trends, Size, Competitive Analysis and Forecast - 2019-2025

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  1. Orion Market Research Global Oil Industry Market Trends, Size, Competitive Analysis and Forecast - 2019-2025 Request a free sample of our report on Global Oil Industry Market: https://www.omrglobal.com/request- sample/oil-industry-market ------------------------------------------------------------------------------------ Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +1 646-755-7667, +91 7803040404

  2. Coronavirus epidemics have a significant impact on the global oil industry as the crude oil price has declined significantly in a short time, resulting in declining share prices of oil companies. A wide range of energy markets, such as renewables, coal, and gas, has been affected by the coronavirus crisis. However, its effect on the oil industry is severe as it is stopping people and goods from moving from one country to another, which leads to a reduction in the demand for transport fuels. The demand for oil has significantly affected the reduction in air travel. plastics due to its environmental effects and fluctuation in prices of raw materials can hinder the growth of the market. As the government across the globe stopped or reduced international travelling due to the epidemic of coronavirus, there is less consumption of kerosene, which in turn, results in the reduction in the oil demand. The reduction in demand led to concerns of excess supply of oil products, which thereby resulting in a decline in prices. As per the International Energy Agency (IEA), in 2020, the global oil demand stands at 99.9 million barrels a day, declining nearly 90,000 barrels a day from 2019. This is a sharp decline from the forecast by IEA in February, where it was anticipated that the global oil demand would grow by 825,000 barrels a day in 2020. Request a free sample of our report on Global Oil Industry Market: https://www.omrglobal.com/request- sample/oil-industry-market The war in oil price commenced with a reduction in demand and supply in China. China is the largest consumer of energy across the globe. The country accounted for over 80% of the global oil demand growth in 2019. In addition, the rising production of shale oil in the US increased the OPEC challenges to manage oil prices. Therefore, OPEC plans output cuts to support oil prices. It has agreed to cut the oil supply by 1.5 million barrels per day until June. In OPEC countries, Russia is the major oil-producing nation than any other member nation, including Saudi Arabia. Russia disagreed to join OPEC’s plan to cut oil supplies. Saudi Aramco has also come in response to Russia’s refusal to join OPEC plan to cut oil supply. In April, Saudi Aramco will boost its crude production by more than 10 million barrels per day, after the collapse of the supply cut agreement of OPEC with Russia. It may have a strategy of supporting prices and grab market share. The company aims to leverage its oil production and sell more crude oil to protect its market share. A full report of Global Oil Industry Market is available at:https://www.omrglobal.com/industry-reports/oil- industry-market Global Oil Industry Market Segmentation • Production • Onshore • Offshore

  3. Impact of COVID-19 on major economies North America • United States • Canada Europe • UK • Germany • Italy • Spain • France • Rest of Europe Asia-Pacific • China • India • Japan • Rest of Asia-Pacific Rest of the World • Middle East & Africa • Latin America

  4. Company Profile • BP p.l.c. • Chevron Corp. • China National Offshore Oil Corp. (CNOOC Group) • China National Petroleum Corp. (CNPC) • ConocoPhillips Co. • Equinor ASA • Exxon Mobil Corp. • Public Joint-Stock Company (PJSC) LUKOIL Oil Co. • Rosneft Oil Co. • Saudi Aramco For more customized data, request for report customization @https://www.omrglobal.com/report- customization/oil-industry-market About us: Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. For More Information, Visit https://www.omrglobal.com/ Media Contact: Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +1 646-755-7667, +91 780-304-0404

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