The State of Oil Globalization Before, During, and After the COVID-19 Pandemic

Abstract

This study aims to assess the state of globalization in the oil and gas sector by comparing the situation before, during, and after the COVID-19 pandemic, by determining the extent of the pandemic's impact on the oil and gas sector in general, and the prices of these materials in particular. By addressing globalization, we also seek to study the market situation for the most important and necessary products, and the extent to which it is affected by the repercussions of this pandemic, which is still ongoing today. The study concluded that the impact of the Covid-19 pandemic was clear through the historical decline in oil prices due to the contraction and shrinking volume of global production, which was negatively reflected on oil-producing countries, especially OPEC countries.