COVID-19 impact on oil and economy

Covid-19 has had impact on Oil which in turn has affected various sectors of the economy including Transport, Aviation, and Tourism. The overall decline in demand across the globe has affected the trade between nations, increased the stock of Oil which in turn has resulted in a steep decline in price. Our Analysis links the drop in prices to increased storage costs, changes in supply-demand metrics, changes in Trade, opportunistic behavior in Oil importing countries, and the overall macroeconomic health. This analysis will help Oil Producing companies, Governments, Aviation Sector to make informed decisions based on various macroeconomic variables at play.Through our analysis we hope to make this famous quote literal – ‘Data is the new Oil of 21st Century’.

Challenges

• High Volume of data available, but in varied sources, data had to be collated from different sources
• No prior linkage between Oil and different sectors of Economy
• Analysis available in OPEC/United Nations reports is complex and difficult for people employed in other domains to understand

Solution

Our solution enabled the following capabilities to address customer challenges :

• Interactive and seamless map interface that accelerated the decision-making process
• To help industries make informed decisions considering the latest macro-economic developments
• Opportunistic trends for Oil importing countries
• To understand the impact of Oil prices on various sectors of Economy
• To analyze Oil production/Oil storage costs
• Dashboard depicting trade metrics, supply vs demand trend
• Dashboard for Oil prices influencing Global indices and GDP figures