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Oil, Gas and Petrochem Demand Dwindles

Spread of the virus has impaired the oil and petrochemical sectors globally and dampened prices of oil products as demand declines rapidly
Oil, Gas and Petrochem Demand Dwindles Oil, Gas and Petrochem Demand Dwindles

Export of oil, gas and petrochemicals, which were suspended temporarily in March due to outbreak of the novel coronavirus, has resumed as before the respiratory illness struck, a spokesperson for the  Iranian Oil, Gas and Petrochemical Products Exporters' Union said.
Preventive measures to combat the contagious virus halted the export of products including diesel and mazut. However, it is underway now albeit with lower prices, ILNA reported Hamid Hosseini as saying.
Regarding the negative impact of the pandemic on the key energy market, Hosseini said spread of the virus has shut down some oil and petrochemical plants globally and hammered prices of oil products as demand falls to historic lows.
As many countries impose mass quarantines and many businesses are forced to down shutters to slow the virus spread, consumption of oil, gas and petrochemicals such as gasoline has fallen in ways unseen in recent history, Hosseini added.

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