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Plummeting Oil Prices and Oil Demand

In: Coronavirus Outbreak and the Great Lockdown

Author

Listed:
  • Bhaskar Bagchi

    (University of Gour Banga)

  • Susmita Chatterjee

    (Maharaja Manindra Chandra College)

  • Raktim Ghosh

    (University of Gour Banga)

  • Dhrubaranjan Dandapat

    (University of Gour Banga)

Abstract

International demand of crude oil is likely to drop in the current year due to immediate shock that has been created because of COVID-19 outbreak around the globe covering 183 countries. According to the International Energy Agency’s (IEA) recent forecast on oil market, the present COVID-19 pandemic has restricted travel and other financial activities throughout the world. The economic state of condition is very much volatile, thereby generating an unusual degree of insecurity amongst the investors, as because the total after effect of this pandemic is still unknown. Demand for crude oil in IEA’s central base case has been dropped for the current year for the first time since 2009, mainly due to huge fall in consumption of oil in China, the second largest importer of crude oil ( https://www.iea.org/news/global-oil-demand-to-decline-in-2020-as-coronavirus-weighs-heavily-on-markets ).

Suggested Citation

  • Bhaskar Bagchi & Susmita Chatterjee & Raktim Ghosh & Dhrubaranjan Dandapat, 2020. "Plummeting Oil Prices and Oil Demand," SpringerBriefs in Economics, in: Coronavirus Outbreak and the Great Lockdown, chapter 4, pages 27-32, Springer.
    • Handle: RePEc:spr:spbchp:978-981-15-7782-6_4
    DOI: 10.1007/978-981-15-7782-6_4
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