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Friday, 31 May 2019

Global Angiography Market


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How COVID-19 Has Impacted the Oil Sector

The fall in production has caused a similar decline in the prices as well. Trading Economy presented figures that show that the price of oil per barrel has collapsed in the last four months. The drop has been observed via two periods of notable declines: a fall from USDF47.80 to USD 30.16 in March and a fall from USD 33.33 to USD 20.23 in the second half of the same month.

Report 2020

According to the International Energy Agency (IEA), the 2003 SARS pandemic was one such event. In the recent events unfolded due to the COVID-19 pandemic, China's role has mainly changed over the last two decades. China's oil demand doubled, and in 2019, China's growth accounted for more than 80% of the global oil demand.

How COVID-19 Has Impacted the Oil Sector

The spread of coronavirus poses a significant threat to the global oil industry. Sharp and drastic actions taken to contain the spread of infection disrupts many of the sector's essential everyday processes. Workers offshore have to practice social distancing while living and working in confined spaces. Travel restrictions and lockdown practices have already hindered industries' ability to conduct meetings and travel for various reasons. The uncertainty of the pandemic does not help with this type of volatile sector.

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