The oil and gas industry has always been a prime player in the economy. However, right now, the economy has been falling because of the COVID-19 pandemic. The market has crashed and lockdowns have been imposed all over the world. Fewer cars are traveling and several airlines have collapsed during this outbreak. These and other events resulted in a major decline in oil and das demands. Which yields big problems for oil and gas companies.

 

Oil and gas companies are at risk of collapsing

 Low demand means oil is being sold for a much lesser price. In an interview in ABC news, an expert economist John Doggett has this say, “If oil continues to sell at such a low price some of those companies are going to have severe financial issues trying to survive. A lot of shell companies will probably have to shut down operations entirely and some are going to go bankrupt.” This is evident because one major oil company has already collapsed.

 

Status of major oil and gas companies today

 Oil and gas companies are fighting to survive this predicament. Here are the newsworthy status of few major oil and gas companies today:

 

 

 

 

 

 

How oil companies react to this predicament

 They say success is defined by how you handle problems. Today might seem bleak to the oil and gas industries.  Some companies, on the other hand, know that there will be a rebound in the market soon. They are just adapting to the situation and here are some of them are handling it.

 

 

 

 

This will be the worst time for the oil and gas industries to face any more problems. Problems like accidents and health issues for their respective employees. That’s why this is the most important time that your company’s COI is up to date and provides the best benefits possible. With all the problems that you are facing, it is best to lighten up your load with a reliable COI tracker

 

Outlook for the oil and gas industries amidst the Covid-19 pandemic

 The COVID-19 pandemic definitely made a heavy toll on the oil and gas industries. Despite this, the oil and gas industries remain strong. International Energy Agency has predicted that by 2021, oil demand will increase by 2.1 millions-of-barrels-per-day. With the US expecting to again become an exporter of petroleum products by this year. And projected to remain a net exporter in the wake of the COVID-19 (coronavirus) pandemic. Something that the US hasn’t done in 70 years. Now that’s one financially-positive thing the US oil and gas industry can start looking forward to.