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Important: Covid19 pandemic market impact
COVID-19 will have a severe impact on the oil & gas industry as global oil demand is expected to decline in 2020. The demand for crude oil is anticipated to drop for the first time since 2009 due to reduced industrial activity and transport. With public transportation curbed significantly to contain the outbreak, gasoline prices are also expected to continue the downward spiral. Enhanced oil recovery being a tertiary recovery method is expensive as compared to conventional technologies. Therefore, the collapse in oil prices is expected to negatively affect the growth of the market in the near future. The updated report will account for COVID-19 as a key market contributor.
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