To Study the Dramatic Fall in Oil Consumption due to Covid-19

The coronavirus disease, is an ongoing pandemic which is also called as COVID-19. The outbreak was first found in Wuhan, China in the month of December 2019. As of May 2020 more, then 4.14 million cases of COVID-19 have been reported in over 187 countries and territories, resulting in more than 284,000 deaths. More than 1.42 million people have recovered. With more than 4 billion people living under some form of COVID-19 lockdown, countries around the world are reporting steep falls in fuel/oil demand. The ongoing pandemic is expected to hit oil demand in the range of 4.5-4.9 million barrel per day. The pandemic is resulting decline in consumer demand have had catastrophic implications for many oil producers, with concern about dwindling. Storage capacities resulting in many benchmark oil prices reaching new lows. The COVID-19 pandemic has shattered oil demand, sunk prices and is posing a big risk for those involved in oil extraction and processing. Globally the demand of oil is decreased by 70%. In this paper we will describe the dramatic fall in consumption of oil because of the impact of COVID-19, the decrease in its price, the effects on global industries and workers, projection given by global organization as well as the measures taken in order to maintain the economy and smooth functioning of industries.