Scholarly record
CRISIS OF THE WORLD-S OIL EXPORTING COMPANIES BECAUSE OF THE CORONAVIRUS COVID-19
Abstract
The purpose of the study is to examine the impact of the covid 19 coronavirus crisis on the oil industry system by analyzing the reports of oil companies on interim revenues and expenditures, as well as their future plans for programs to improve their condition after the crisis. The main countries chosen for the study were the United States, Russia, China, Mexico, Italy, Norway, great Britain and Spain. The largest companies in each of these countries were selected for data analysis. The analysis revealed the losses of each of the companies without exception. Losses of companies in different countries range from 485 million euros to 2.93 billion euros. Compared to the same time in 2019, where the profit was from 1.1 billion to 3 billion. The decision of 8 companies such as Equinor, Eni, PetroChina, Pemex, Chevron, ConocoPhillips, Noble Energy, Murphy Oil to reduce capital investment from 11% to 57% is presented. All Russian companies will also participate in the reduction, including small companies and PSA projects, where quotas are distributed proportionally between companies. This transaction, as well as the General market situation, forced some Russian companies to reduce their investment plans by 20-25%.Also, Russian companies will need to optimize part of its capital expenditures. based on this data, the actions of these companies and their possible actions in the future were analyzed. Attention was also drawn to the regularly occurring crises of the oil industry around the world. Arising for various reasons, but the consequences of which can be compared with the crisis caused by the coronovirus covid 19.
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References13
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