TECH BUYER Jun 2020 - IDC Perspective - Doc # EUR146424620

COVID-19 Impact on the Petroleum Industry in a Time of Historic Oil Price Downfall

By: Gaurav VermaResearch Manager, IDC Energy Insights

Abstract

This IDC Perspective analyzes the impact of COVID-19 across the petroleum value chain at a time when O&G players have been also dealing with historic low oil price scenario. The report also analyzes how O&G companies are dealing with new challenges to maintain business continuity, focusing on IT service–related challenges, and O&G companies' possible moves in response to the current crisis.

"O&G has turned into a demand-led more than the usual supply-constrained market. Current oil production cuts are good for the industry's survival, but the market will have better recovery only when demand resurges in the post-COVID-19 era," said Gaurav Verma, research manager, IDC Energy Insights, IDC Europe.


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