Impacts of crude oil prices and Covid-19 pandemic on Petrovietnam’s production and business
Abstract
The oil and gas industry is experiencing the third oil price crisis within 12 years. The 2020 crisis is completely different from the previous oil price crises: supply exceeds demand, which has been simultaneously unfolding with the impact of the Covid-19 pandemic. Although the extent of the impact and the timing of this crisis are difficult to predict, it can be seen that even with a fundamental change, the oil and gas industry will hardly return to a period of vigorous development as before. Despite the massive oil price crisis, crude oil is still the world's leading fuel. The oil and gas industry needs to have strong transformations in order to ensure safe and profitable operations in the toughest conditions. The article assesses the oil price crisis history, analyses the impacts of the crisis and the Covid-19 pandemic on the production and business of the Vietnam National Oil and Gas Group in 2020, and gives some suggestions for its sustainable development.
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