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Author
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Rahmi İNCEKARA
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2020
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42
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1083-1091
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DOI Number: |
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Rahmi İNCEKARA , (2020). THE EFFECTS OF CORONAVIRUS ON GLOBAL ENERGY PRICES. International Journal Of Eurasia Social Sciences, 42, p. 1083-1091. Doi: 10.35826/ijoess.2827.
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Summary
It appears that the impact of the crisis caused by the coronavirus (Covid-19) epidemic in the world is experienced in many different areas, especially in health. The drastic falls in oil prices indicate that energy is also one of those areas. Oil prices were the first to suffer from this lack of demand, as measures taken to prevent the spread of the epidemic slowed the economy, severely reducing demand for energy. Then there were also falls in the prices of natural gas and other energy sources. In terms of the impact of the epidemic on the energy sector, it is seen that the economic crisis experienced in energy importer countries is directly reflected in energy exporting countries. Even though decreasing energy prices, especially oil, firstly was a very positive development for energy-importing countries, the problems of the exporting countries in the framework of the global economic cycle will affect them eventually. The success of energy exporting countries in their struggle with the crisis will determine the degree of dependence on the exports of these energy products. Especially for countries whose share of energy exports in revenue budgets are very high and foreign exchange reserves are low, the low level of oil and gas prices for a long time can have serious economic and political consequences. In this study, the effects of coronavirus on energy prices, the effects of countries on energy prices, the course of changes in energy prices and future scenarios are examined.
Keywords
Economics, Energy Prices, Coronavirus, Oil, Natural Gas.
Abstract
It appears that the impact of the crisis caused by the coronavirus (Covid-19) epidemic in the world is experienced in many different areas, especially in health. The drastic falls in oil prices indicate that energy is also one of those areas. Oil prices were the first to suffer from this lack of demand, as measures taken to prevent the spread of the epidemic slowed the economy, severely reducing demand for energy. Then there were also falls in the prices of natural gas and other energy sources. In terms of the impact of the epidemic on the energy sector, it is seen that the economic crisis experienced in energy importer countries is directly reflected in energy exporting countries. Even though decreasing energy prices, especially oil, firstly was a very positive development for energy-importing countries, the problems of the exporting countries in the framework of the global economic cycle will affect them eventually. The success of energy exporting countries in their struggle with the crisis will determine the degree of dependence on the exports of these energy products. Especially for countries whose share of energy exports in revenue budgets are very high and foreign exchange reserves are low, the low level of oil and gas prices for a long time can have serious economic and political consequences. In this study, the effects of coronavirus on energy prices, the effects of countries on energy prices, the course of changes in energy prices and future scenarios are examined.
Keywords
Economics, Energy Prices, Coronavirus, Oil, Natural Gas.