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Challenges Facing the Gulf Petroleum Industry: Covid-19, New Technologies, Energy Transition

In: GCC Hydrocarbon Economies and COVID

Author

Listed:
  • Naji Abi-Aad

    (Petroleb)

  • Nikolay Kozhanov

    (Qatar University)

Abstract

The outbreak of the Covid-19COVID epidemic and the resulting economic downturn have undermined the already weakened position of the global oil and gas industry. Since the transportation sector depends on 60 percent of energy from oil consumption, movement constraints are quickly interpreted into reduced oil demand. Consequently, various crude oil indices reached their lowest level by mid-2020, when the daily global oil consumption declined to less than 75 million barrels, compared to some 100 million barrels earlier that year, before recovering afterward.

Suggested Citation

  • Naji Abi-Aad & Nikolay Kozhanov, 2023. "Challenges Facing the Gulf Petroleum Industry: Covid-19, New Technologies, Energy Transition," Springer Books, in: Nikolay Kozhanov & Karen Young & Jalal Qanas (ed.), GCC Hydrocarbon Economies and COVID, chapter 0, pages 13-29, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-5462-7_2
    DOI: 10.1007/978-981-19-5462-7_2
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