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Impact on the US Oil Industry due to COVID-19 Pandemic, Deviation & Trends Analysis Report, by drilling method (Onshore and Offshore) and Forecast 2019-2025

03-26-2020 02:29 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Global Impact on the US Oil Industry due to COVID-19 Market

Global Impact on the US Oil Industry due to COVID-19 Market

The oil industry involves different operations related to the exploration, production, refining, and transportation, and marketing of petroleum and crude products. The US oil industry is considerably dependent on the oil production coupled with the growth in the transportation sector and increasing energy demand. As a result, the US economy continuously invests in petroleum-based products. Significant growth in the aviation sector was getting witnessed in the US before the COVID-19 pandemic.

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Some of the major oil-producing companies operating in the US are Chevron Corp., EOG Resources, Inc., ConocoPhillips Corp., Pioneer Natural Resources Co., Marathon Oil Corp., and Anadarko Petroleum Corp.

However, due to the outbreak of COVID-19, a huge downfall in demand for petroleum products has been witnessed globally as well as in the US which results in a downfall in oil prices. Moreover, disagreement between Russia and OPEC countries related to the daily crude oil production had also resulted in a downfall in prices near to $30 per barrel. The oil industry is significantly affected due to the closedown of the aviation sector. After the outbreak of COVID-19 in the US, the country bans passengers from most of the affected countries of Asia-Pacific and Europe, which results in the cancellation of a huge number of flights. After 10 March 2020, exponential growth in the cases of COVID-19 was witnessed in the country which results in a lockdown of many states and there are also chances of the lockdown of the whole country. Apart from the aviation industry, the demand for oil in other transportation services such as buses, cars, has also been decreased due to this coronavirus outbreak. As to avoid the social gathering the workforce is being allotted to do work from home and are being reinforced with the travel restrictions.

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Based on the drilling method, the report is segmented based on onshore and offshore oil production. Offshore oil production is being significantly affected due to the coronavirus outbreak. The energy produced through offshore sites is a key component for the supply of oil and natural gas, which is increasingly a crucial source of electricity. Witnessing the scale of the disease, several oil companies are reducing offshore workers to prevent the spread of COVID-19. Some worker has been affected with coronavirus thus oil companies are taking precautions and engaging in the screening of the workers and the visitors at their production sites. The government of the US is also supporting the plan to reduce offshore workers, which in turn, will negatively affect the oil industry in the near future.

Market Segmentation

By Drilling Method

o Onshore
o Offshore

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Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Contact no: +1 646-755-7667, +91 7803040404

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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