Was the European oil industry prepared for the current global crisis?

Abstract

AbstractThe paper focuses on the impact of the complex global crisis on the European oil industry. The main objective of the research is to define, implement and validate a model able to quantify the developments and risks faced by this industry at European level. In order to achieve this objective, dynamic statistical analysis takes into account specific indicators of production, demand and actual consumption over a significant period of time. Special attention is given to the impact of the pandemic on this industry. The analysis takes into consideration the latest official statistical data and is connected to the most important global trends in the oil industry. The main result of this scientific approach is the building of a pertinent instrument/model able to assist the decision-makers in calibrating the European oil industry to global market requirements and developments. By using this tool, key elements of energy policy can be identified that can bring valuable clarifications in the context of the industry's new orientations towards green energy and the reduction of polluting fuels.