Countries in the Middle East and North Africa (MENA) face a dual shock from the coronavirus pandemic (COVID-19) and a collapse in oil prices. To deal with these two shocks, authorities should sequence and tailor their responses. They should focus first on responding to the health emergency and the associated risk of economic depression. They should postpone fiscal consolidation linked to the persistent drop in oil prices and its spillovers until the recovery from the pandemic is well underway.
Hi
Please check the following link. I believe it will help you.
https://itsupplychain.com/covid-19-impact-on-oil-and-gas-industry-and-supply-chain/
Regards
The Oil and Gas Industry and Supply Chain are affected by decreases in production, consumption, price, and investments. However, there may be no major disruption in the supply chain where oil and gas are transported by pipelines. On April 20, WTI oil futures contracts dropped to -$37/barrel, while Brent oil price dropped to $20/barrel. As optimism prevails for the Q2 of 2020, prices are rising now.
Unless the supply-demand balance is maintained, that is, unless the economy improves, I think the balance will not be achieved.
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