The challenging dynamics created by COVID-19, has destabilized the demand in oil and gas industry, along with the supply shock due to Saudi Arabia and Russia’s disagreement on production costs which has initiated a price war, further reducing the prices. This could negatively impact countries such as Iran and Venezuela, who are economically and financially dependent on oil production and export. India’s fuel consumption declined by 9.1% in the FY 2021 because of plummeted demand....

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