Title: Effect of COVID-19 crisis on crude oil price and the world economy - a state-of-art review

Authors: Shubham Saraf; Achinta Bera

Addresses: Department of Petroleum Engineering, School of Energy Technology, Pandit Deendayal Energy University, Gandhinagar, Gujarat-382426, India ' Department of Petroleum Engineering, School of Energy Technology, Pandit Deendayal Energy University, Gandhinagar, Gujarat-382426, India

Abstract: Fluctuating oil prices have profound implications on the economies of oil-exporting nations and the global economy. A historic oil price crash from $18 to -$38/barrel occurred in April 2020 during the global COVID-19 pandemic and negative oil prices were observed. This study explores the drivers of oil price fluctuations including geopolitical factors, environmental concerns, clean energy initiatives, and surplus oil supply. It also delves into the transformative influence of the COVID-19 crisis on oil prices and the global economy. The study emphasises the future of oil prices and industry efforts to recover the oil market while offering insights into potential long-term solutions for stable petroleum prices. This research sheds light on the significant impact of COVID-19 on the energy market and various aspects of daily life, paving the way for discussions on remedial actions to stabilise oil prices and the world economy in the context of the COVID-19 pandemic. [Received: November 22, 2022; Accepted: July 16, 2023]

Keywords: crude oil; negative oil price; geopolitical issues; COVID-19; global economy; future of oil price.

DOI: 10.1504/IJOGCT.2024.136546

International Journal of Oil, Gas and Coal Technology, 2024 Vol.35 No.2, pp.205 - 240

Received: 21 Nov 2022
Accepted: 16 Jul 2023
Published online: 06 Feb 2024 *

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