Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)

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Features of the Development of the World Oil Market in Conditions of Coronavirus Pandemic

Authors
Elena Kovaleva, Artem Seminog, Margarita Mkhitaryan
Corresponding Author
Elena Kovaleva
Available Online 17 December 2020.
DOI
10.2991/aebmr.k.201215.027How to use a DOI?
Keywords
energy resources, world oil market, oil price, coronavirus pandemic, correlation-regression analysis
Abstract

This article considers the features of the world oil market development in modern conditions. The world oil markets significantly affected by uneconomic factors in particular pricing processes, primarily political ones. Economists predicted the beginning of the global economic crisis in 2020. The coronavirus pandemic has also been added to the main and traditional causes of the economic crisis, such as cyclicity of economy, declining of economic growth rates and falling of financial market indicators, which has affected all spheres of society. The impact of coronavirus on the world oil market is determined by the correlation- regression analysis: the price of oil has acquired a high negative dependence upon the number of newly infected with coronavirus; the dependence of price of Brent oil on the number of new infected COVID-19 is semilogarithmic. This article defines the significant impact of the coronavirus pandemic on the world oil market, which is expressed in a decrease in demand, a reduction in production rates and will primarily affect oil-producing countries that are forced to transform their economies in these conditions.

Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)
Series
Advances in Economics, Business and Management Research
Publication Date
17 December 2020
ISBN
10.2991/aebmr.k.201215.027
ISSN
2352-5428
DOI
10.2991/aebmr.k.201215.027How to use a DOI?
Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

risenwbib
TY  - CONF
AU  - Elena Kovaleva
AU  - Artem Seminog
AU  - Margarita Mkhitaryan
PY  - 2020
DA  - 2020/12/17
TI  - Features of the Development of the World Oil Market in Conditions of Coronavirus Pandemic
BT  - Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)
PB  - Atlantis Press
SP  - 129
EP  - 133
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201215.027
DO  - 10.2991/aebmr.k.201215.027
ID  - Kovaleva2020
ER  -