This report examines the impact of COVID-19 on global oil markets and outlines the challenges facing the industry during the early stages of the pandemic. Sharp declines in transportation and industrial activity led to a significant drop in demand for refined oil products, resulting in reduced refinery utilization and lower oil processing volumes worldwide. At the same time, excess supply created storage shortages, driving a surge in oil tanker freight rates and storage costs as companies sought places to store surplus crude. The downturn also forced energy companies to reduce capital expenditures, operating expenses, and exploration and production activities, leading to lower investment across the value chain, including oilfield services. The report highlights the severe market disruption

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