Consequences for the oil sector due to the Covid-19 pandemic
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Abstract
The Covid 19 has generated a serious crisis in the oil sector that has led to negative price declines such as that experienced by Brent on April 20 of this year, oil is a generator of energy and fuel, the confinement of billions of people in the world has reduced internal and cross-country mobility, triggering major economic losses on airlines, which is one of the world's largest fuel-demanders and people-mobilizers. The research methodology is of a bibliographic review type supported by electronic means available on the internet such as web pages, among others. The general conclusions is that the consequences of Covid 19 in the energy sector has generated a decrease in the demand for oil due to the confinement of society and the closure of companies and shops of non-essential services that do not consume energy, apart from the decrease of the demand for transport due to the closure of air and land borders, which has generated an oversupply of oil, and a reduction of up to 10 million barrels of oil per day due to agreements between OPEC countries and Russia.
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