Impact of Covid-19 on Energy Sector
The outbreak of the COVID-19 has diminished the demand for oil due to decelerated transport, trade, and economic activity worldwide which resulted in a slump in prices, decreasing oil production, and reduction in capital expenditure and industrial production. In the first half of 2020, the crude oil prices touched historic low, putting the entire energy future contracts into jeopardy. A similar trend has also been witnessed in the renewable and electricity sector as well. The industrial and commercial demand for electricity remained subdued in the first half of 2020. Coal production witnessed a negative downtrend, while investments in renewable also remained muted. Thus, disrupting the entire market value chain. For detailed information about the impact on the industry fill the required information and we would be happy to assist you.