Impact of Coronavirus on Global Economies Derived from Petroleum Consumption Statistics

Petroleum consumption can be a powerful indicator of economic performance for many countries throughout the globe. The Coronavirus spread across the world rapidly, causing hundreds of thousands of deaths. Its impact on the global economy, and specifically petroleum industry has been significant. This study analyzes the relationship between petroleum consumption and the impact of the Coronavirus pandemic spread on global economies. Statistics on petroleum consumption before and after the onset of the Coronavirus pandemic were analyzed for eight countries around the world: Canada, Mexico, United States of America, Brazil, Russia, China, Japan and India. The percentage decrease in petroleum consumption was calculated. From January to April 2020, a steady decrease in petroleum consumption was observed for all the countries in this study, except China. In the case of China, petroleum consumption decreased from January 2020 to March 2020, and began to slowly increase from April 2020. Petroleum consumption data were similarly analyzed for different geographic regions throughout the world, as well as global consumption. % decrease (or increase as the case may be) in petroleum consumption is an effective indicator of the change in economic performance for most countries, and it may be used as a qualitative/semi-quantitative parameter of economic recovery in the aftermath of the Coronavirus pandemic.