Impact of Pandemics and Crises on the Gas and Oil Sector

Oil has been the most important commodity in international trade since the nineteenth century. Petroleum is an integral part of the products we use every day. For decades, natural gas and oil have been the most important energy resources in the world. In 2019, oil and gas represented 39.9 and 15.1% of the global energy mix. These resources have a major role in global industries. However, there is a likelihood that the oil and gas binomial will be substituted soon. Nowadays, the gaze of the world is focused on the sphere of hydrocarbons. Various sustainability criteria in this sector are the existence of a balance between supply and demand in the oil and gas market. Hydrocarbons are of great importance for nations, homes, and businesses. The full satisfaction of the demand constitutes the major base of the stability of the oil market. However, in recent years, this satisfaction is becoming increasingly difficult to achieve due to the active development of clean types of energy. It is also necessary to note the unpredictability of demand in the oil and gas market. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2023.