Dublin, July 21, 2020 (GLOBE NEWSWIRE) -- The "Global Oil and Gas Industry 2020 - A Complete Analysis" report has been added to ResearchAndMarkets.com's offering.

The ongoing COVID-19 pandemic has hit each and every industry hard, but perhaps the one industry which has taken the biggest hit is the global oil and gas industry. The spread of this virus has forced many oil and gas companies to either stop or slow down their physical operations, which has impacted production in both upstream and downstream operations.

Perhaps the biggest and most significant impact of the coronavirus pandemic on the downstream oil market has been the price crash of crude oil within a short time. Consider this, on January 1, 2020, the price of a barrel of crude oil was being sold for $67.05 on the NASDAQ exchange in New York. By March 15, 2020, this price had crashed down to $30.00 a barrel. Oil majors have taken a major hit - BP's market cap today is just 51% of what it was at the start of 2020.

Players in the oil and gas sectors are struggling with declining demand, ensuring employee safety and business stability, oil price war, and need to focus on building a flexible business model that can lead to long-term resilience as the world comes out of the coronavirus crisis.

The report provides a much-needed insight into the following:

As the global oil and gas industry continues to understand the overall effect of the coronavirus pandemic on oil demand and what the future holds, dealing with lower product demand and coming to terms with the fall in prices is a stark reality facing many companies in the coming months. This insightful research is a stepping stone for investors, researchers, and analysts worldwide to get a closer look at the global oil and gas industry 2020.

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/dra9po

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