Citation:

Amjad Zawawi, Dr. Mohammed Khojah. "The Impact of Covid-19 on the Oil Industry: A Comparison between Economical Crisis and Helath Pendamic" International Research Journal of Economics and Management Studies, Vol. 2, No. 1, pp. 127-135, 2023.

Abstract:

One of the most important sources of energy in the world, oil, is prone to major price swings. The sales and profitability of key industries, capital budgeting plans, and the value of investments in assets denominated in foreign currencies are all significantly impacted by these price differences. Variations in the price of crude oil have the power to bring about an economic collapse in both oil-exporting and -consuming nations, in both industrialised and developing nations. Negative macroeconomic effects on total output, prices, and employment are widely attributed to oil price shocks in countries all over the world. The purpose of this research is to discuss the oil markets and its relation to prices, and how force majeure and pandemic affects the oil prices. Luberef’s corporate prolife has been explored intensely in this research. Luberef is one of the leader companies of base oil refineries around the world. The purpose of this study is to look into and analyse COVID-19's effects on the oil markets, particularly the Saudi base oil market. The independent sample T-Test has been utilised to evaluate the data in this study. The results of the study showed that the COVID-19 pandemic had an impact on the prices of base oil and petroleum products. This research provides prominent and urgent insights to policy makers and investors that may caution them when oil prices are affected by a pandemic.

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Keywords:

Covid-19, Oil, Prices, Pandemic, Economy, Financial Crisis.