Over the past few months, the Covid-19 pandemic has caused an unprecedented global economic and social crisis. The pandemic has significantly affected all aspects of life, including the energy sector.
April 24, 2020Tetiana Mylenka, LL.M., Counsel, Head of Energy Practice and Bohdan Novyk, Junior Associate, Hillmont Partners
The energy sector has already felt the impact of Covid-19. The outbreak has contributed to a dampened demand for oil, resulting in plummeting prices and declining production, especially in the wake of the Russia-OPEC price war. According to the IEA Oil Market Report – April 2020, global oil demand is expected to fall by a record 9.3 mb/d year-on-year in 2020. Demand in April is estimated to be 29 mb/d lower than a year ago,