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The Coronavirus pandemic has affected not only the lives of people but the economy as a whole too. Additionally, the crisis has drastically reduced the production and demand of many products, including having an unprecedented impact on the market for oil and petroleum products. The global oil demand is staggeringly low as coronavirus has forced people to remain indoors and avoid all travel. As around two-thirds of the world’s population is in a state of lockdown, and no one is traveling, driving, or flying, there is a reduction in the use of crude or its derivatives. As such, the consequences of the reduced demand in the oil market is enormous, with refineries and oil producers all facing an uncertain future.