A Study Regarding The Covid-19 Effect On The Oil Markets


Yılbaşı Z. , Yeşilyurt M. K. , Arslan M.

International World Energy Conference, Kayseri, Turkey, 3 - 04 December 2021, pp.39-44

  • Publication Type: Conference Paper / Full Text
  • City: Kayseri
  • Country: Turkey
  • Page Numbers: pp.39-44

Abstract

Many statistic reports and scenarios have been produced about global energy consumption. Global and local energy market institutions publish official statistical data and sectoral reports for the oil market monthly or in certain months of the year. This study was prepared based on products in the Turkish Energy Market Regulatory Authority decision dated 17.12.2020 and numbered 9822. In the decision, these products are grouped as 4 types of gasoline, 2 types of diesel, 8 types of fuel oil, 3 types of aviation fuel, 8 types of marine fuel, 1 type of kerosene, and 15 types of other products (fuel naphtha, biodiesel, ethanol, etc.). Production of total refinery oil products, which decreased by 11.43% in June 2020 compared to the previous year, increased by 39.81% in June 2021 compared to the same month of the previous year. Imports of crude oil, which were 2,116,479.418 tons in June 2019, reached 1,651,367.622 tons in the same month of 2020 and crude oil imports decreased by 21.98%. As of June 2021, this figure increased by 57.84% compared to the previous year and reached 2,855,062.287 tons. Total exports decreased by 67.89% in June 2020 compared to the same month of the previous year, however, they increased by 161.74% in June 2021 compared to the same month of the previous year. Regarding domestic sales between 2019 and 2020, gasoline types occupy the second rank after diesel types in the first place. The highest change in domestic sales in Turkey compared to June 2020 was achieved in aviation fuels, with an increase of 115.16%. In total oil product sales, a remarkable increase of 10.05% was observed. There was a 22.88% decrease in total bunker fuel sales in June 2020 compared to the same month of the previous year, as of June 2021, a positive outlook was seen in the market and an increase of 40.04% was achieved. In June 2021, the highest increase in bunker fuel sales was achieved in aviation fuels with 115.16%, followed by diesel fuel with 50.13%. According to these data, it could be argued that the negative effects of the Covid-19 pandemic on the oil markets have decreased.