The Impact of COVID-19 on World Oil Producers: Time is Important
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Abstract
The COVID-19 crisis had a significant impact on world oil producers. Within a welfare economic framework, Schmitz, A., C. B. Moss, and T. G. Schmitz. 2020. “The Economic Effects of COVID-19 on the Producers of Ethanol, Corn, Gasoline, and Oil.” Journal of Agricultural & Food Industrial Organization 18 (2): 1–18, estimated that the minimum cost of COVID-19 in 2020 to world oil producers was roughly US$ 1 trillion. They used actual oil production data for January 1st, 2020, through June 30th, 2020, and forecast world oil production and prices from July 1st to December 31st, 2020. This paper extends the 2020 analysis using actual production and price data for 2020 and 2021 to calculate the change in producer economic rents during the COVID-19 pandemic for global oil producers (U.S., Russia, Saudi Arabia, and the Rest of the World). Despite losses in 2020 to world oil producers due to the COVID-19 pandemic, world oil producers saw significant gains in 2021, which more than offset losses in 2020. At a minimum, world oil producers realized a net gain of $US 829 billion over the two periods.
1 Introduction
COVID-19 contributed to a sharp drop in oil prices worldwide in 2020. “The COVID-19 crisis created large economic losses for corn, ethanol, gasoline, and oil producers and refineries both in the United States and worldwide. “At a minimum, in the U.S., the producer cost for these four sectors totaled $176.8 billion for 2020.” For U.S. oil producers alone, the cost was $151 billion. The total oil producer cost is $1.03 trillion, roughly 40 times the effect on U.S. corn, ethanol, gasoline, and refineries.” Schmitz, Moss, and Schmitz (2020, p. 1).
2 World Oil
This paper re-estimates the loss from COVID-19 to world oil in 2020 with actual, rather than projected, crude oil data. Interestingly, our results, based on actual data, are similar to those obtained by Schmitz, Moss, and Schmitz (2020) that were based on projected oil data. In addition, we estimated the impact of COVID-19 on world oil for 2021. The oil producers suffered large losses in 2020, but these were more than offset by gains in 2021. This paper shows that time is an important factor when one is analyzing the impacts from COVID-19. When looking at the overall impacts of COVID-19, only considering 2020 gives a very different picture, then when it is combined with 2021.
2.1 World Oil Production
Figure 1 shows historical crude oil production for the top five world producers and others (rest of the world, with quantity represented on the right axis). The top five world oil producers are the United States, Russia, Saudi Arabia, Canada, and Iraq. Their combined oil production in November of 2021 reached almost 80 million barrels per day.
Crude oil production: top five producing countries and rest of world production (as other). EIA International API data.
At the onset of the COIVD-19 pandemic in March 2020, world oil production decreased, along with oil production, in all top four oil-producing countries. World oil production fell dramatically starting in May of 2020 due to COVID-19 (Figure 1). Production recovered slightly in 2021 but remained below production levels in 2019 prior to the COIVD-19 pandemic.
We recognize there are more factors than COVID-19 that affect world oil markets. For example, in the period 2014 to 2016, the United States expanded fracking, which led to a drop in U.S. oil prices (see Figure 2). Concurrently, the oil war between Russia and OPEC led to an oversupply on the world oil market, which kept world oil prices low until OPEC and Russia decided to decrease production. When COVID-19 broke out in March 2020, oil prices were relatively high and stable. With the initial shutdowns due to the COVID-19 pandemic, world oil prices dropped to below $10/barrel and actually became negative. However, oil prices began recovering shortly afterwards, partly due to the cutback in oil production by OPEC and other policy changes, including U.S. Energy policy changes that discouraged drilling and fracking.
Reversal in oil prices. Statista (2022): OPEC, Bloomberg.
Oil prices fell sharply to below $30 per barrel shortly after the COVID-19 outbreak (Figure 2).
However, oil prices rebounded in 2021; the average oil price in late 2021 was more than double that of 2020, at $80 per barrel.
2.2 US Oil Producers
The top three U.S. oil production areas are Texas (Permian Basin), North Dakota (Bakken Formation), and the Gulf of Mexico (offshore drilling). Oil companies operating in the United States are classified as integrated or independent (non-integrated) based on their operational activities within the energy value chain. U.S. integrated oil producers such as Exxon Mobil and Chevron are involved in all facets of the energy value chain: oil exploration, production, refinement, distribution, storage, and marketing. The operation of these companies comprises three segments: upstream (exploration and production), midstream (distribution and storage), and downstream (refinement and marketing).
Independent oil producers such as ConocoPhillips and EOG Resources are non-integrated companies involved in the exploration and production of oil—usually with no marketing, transportation, or refining operations. There are about 9000 independent producers in the United States, operating in 33 U.S. states and offshore and producing about 83% of the oil in the United States.
3 Changes in the Ethanol–Gasoline–Oil Complex
The study of oil is complex because of the link between oil and gasoline:
Changes that have influenced both oil and gasoline include: (1) significant increases in U.S. ethanol and corn production (Schmitz, Moss, and Schmitz 2007); (2) new oil exploration technologies, such as fracking; (3) fewer U.S. oil production regulations; (4) increased oil drilling on federal lands; (5) U.S. policy changes that affect ethanol production; (6) reduced U.S. reliance on foreign oil; (7) a fall in demand for gasoline; and (8) significant reductions in oil and gasoline production due to COVID-19. (Schmitz, Moss, and Schmitz 2020)
The U.S. ethanol energy policy had an impact on U.S. oil production since gasoline is blended with ethanol from corn. In 2019, the United States produced roughly 16 billion barrels of ethanol from corn. In the same year, the United States produced 16 billion bushels of corn, of which 25–30% was used for ethanol production.
The consumption of blended motor fuel (reformulated blended gasoline) was relatively constant between September 2017 and March 2020 but declined dramatically with the onset of COVID-19. In 2020, compared to 2019, per capita consumption fell by roughly 50%. Corresponding to the volatility of oil prices, three phases of gasoline prices existed between 2010 and 2020 (Figure 3). From 2010 to mid-2014, the average price of gasoline was $3.57 per gallon. Between mid-2014 and July 2018, the blended gasoline price averaged $2.70 per gallon, while from July 2018 to March 2020, the blended gasoline price averaged $2.59 per gallon.
U.S. gasoline and ethanol prices, April 2000–October 2021. Clean Cities Alternative Fuel Price Reports; U.S. Gasoline and Ethanol Price Data.
There has been a history of volatility in U.S. oil prices. For example, in December 1998, the price of oil was roughly $20 per barrel; in 2008, the price of oil exceeded $160 per barrel. With the onset of COVID-19, oil prices dropped to below $40 per barrel (Worldoil.com 2020).
3.1 U.S. Gas Ethanol Complex
U.S. ethanol production, consumption, and trade have changed over the years. Before 2020, U.S. ethanol production expanded significantly, with the largest increase occurring between 2006 and 2010 (the introductory period of the U.S. ethanol program). Between 2007 and 2019, ethanol production roughly doubled and collapsed in 2020 due to COVID-19. As a result, more than 70 ethanol plants in the United States significantly reduced operating capacity and labor force because of decreased demand due to COVID-19.
Prior to the COVID-19 pandemic, the United States produced approximately 16 billion gallons of ethanol per year, with five companies producing 45% of the total U.S. ethanol production.
3.2 Ethanol Empirics
According to the Renewable Fuels Association on the impacts of COVID-19 on the ethanol industry (Renewable Fuels Association 2020): “the impact on the ethanol industry has been swift and sharp. Deeply negative operating margins and falling consumption have led to dramatic cuts in ethanol production. For the week ended April 10, 2020 ethanol production was 44% below the same time in 2019, hitting the lowest level since the EIA began reporting statistics in 2010… Approximately 70 ethanol facilities with an annual production capacity of 6.1 billion gallons have been fully idled. Nearly 70 more plants have reduced their operating rates by a combined 1.9 billion gallons annualized.”
Falling oil and gasoline prices due to COVID-19 negatively affect the demand for ethanol and thus the corn market in the United States. The overall fuel ethanol consumption reached a maximum of 1095 thousand barrels per day in January 2019 but fell roughly 30% in early 2020.
4 Oil Model
The theoretical foundation for estimating the effect of COVID-19 on world oil producer welfare is based on Schmitz et al. (2022), Schmitz, Moss, and Schmitz (2007, 2020). World oil producer welfare and COVID-19 are discussed in Figures 4a and 4b. Consider Figure 4a, where
Oil supply (United States, Saudi Arabia, and Total World).
Oil supply of two countries with equal supply schedules.
Consider now in Figure 4a, where the supply schedules are not perfectly inelastic. In this example, S1, S2, and S
c
are the supply curves for the United States, Saudi Arabia, and total world supply of oil, respectively. Prior to the onset of the COVID-19 pandemic, world oil production was
In analyzing the impact of COVID-19 for 2021, consider Figure 4b. The key to this model is the dynamics of oil supply response due to COVID-19. As the data show (presented later), world oil production as of December 2021 was significantly below the average production level from January 1, 2020 to April 2020.
Consider Figure 4b. The total supply of oil is given by TS made up of two countries who have equal supply schedules S1 = S2. Prior to COVID-19, the demand is D, and supply is (TS). The consumption price and quantity are P0 and q0, respectively. In period one (2020), the demand shifts to D1, and the price falls to P1, along with consumption of q1. As discussed later, world oil production at the end of 2021 was not as high as production was at the beginning of 2020 (i.e., q2 < q0).
Now consider the impact of COVID-19 in period two (2021), where, theoretically, demand shifts to D2. Under competition, the price is P c and quantity is q c . However, under non-competitive behavior, price is P2 for output q2, giving rise to added rent of the shaded area with a kinked supply curve equaling (abd) rather than (abc). This results in a decrease in production (i.e., q2 < q c ).
However, it is an empirical question to determine the extent of the demand shift. For example, demand after COVID-19, D2 could shift outward from D1 but not beyond demand prior to COVID-19, D. This would not change the theoretical discussion of these demand shifts, but clearly would change distributional and empirical results.
4.1 Historical Global Crude Oil Production: January 2015–January 2022
Prior to the COVIC-19 pandemic, Table 1 shows historical oil production levels for selected years for the top five oil-producing countries from January 15, 2015, through January 2022. Over this period, world oil production peaked in November 2018 at a monthly level of 84,501.6 million barrels. Production reached a low in June 2020 at 70,272.8 million barrels but increased to 79,659.1 million barrels in January 2022.
Crude oil production by country (Mb/d) – selected months (2015–2021).
| Date | United States | Russia | Saudi Arabia | Canada | Iraq | Total Top 5 | Other | Total |
|---|---|---|---|---|---|---|---|---|
| Jan-15 | 9388.5 | 10,231.0 | 9807.4 | 3885.0 | 3478.0 | 36,789.8 | 43,342.1 | 80,131.9 |
| Jun-15 | 9361.6 | 10,166.0 | 10,657.4 | 3457.0 | 4275.0 | 37,917.0 | 43,026.0 | 80,943.0 |
| Jan-16 | 9202.5 | 10,485.0 | 10,414.0 | 3877.0 | 4475.0 | 38,453.5 | 43,385.3 | 81,838.9 |
| Jun-16 | 8671.0 | 10,453.0 | 10,714.0 | 3112.0 | 4405.0 | 37,355.0 | 42,771.1 | 80,126.1 |
| Jan-17 | 8873.6 | 10,830.0 | 10,196.0 | 4095.0 | 4565.0 | 38,559.6 | 42,727.6 | 81,287.1 |
| Jun-17 | 9134.5 | 10,602.8 | 10,466.0 | 3805.0 | 4490.0 | 38,498.3 | 42,796.8 | 81,295.0 |
| Jan-18 | 9998.3 | 10,549.5 | 10,378.0 | 4161.0 | 4455.0 | 39,541.9 | 42,661.6 | 82,203.5 |
| Jun-18 | 10,604.9 | 10,662.6 | 10,638.0 | 4234.0 | 4599.0 | 40,738.5 | 41,540.4 | 82,278.9 |
| Jan-19 | 11,865.0 | 10,972.8 | 10,252.0 | 4279.0 | 4875.0 | 42,243.8 | 40,359.6 | 82,603.4 |
| Jun-19 | 12,087.5 | 10,755.8 | 10,202.0 | 4431.0 | 4725.0 | 42,201.4 | 39,511.4 | 81,712.8 |
| Jan-20 | 12,754.8 | 10,916.2 | 10,044.0 | 4527.0 | 4575.0 | 42,817.0 | 40,200.8 | 83,017.9 |
| Jun-20 | 10,442.1 | 8925.4 | 7894.0 | 3906.0 | 3772.0 | 34,939.6 | 35,333.2 | 70,272.8 |
| Jan-21 | 11,056.4 | 9765.9 | 9294.0 | 4598.0 | 3885.0 | 38,599.2 | 37,422.6 | 76,021.9 |
| Jun-21 | 11,288.2 | 10,015.0 | 9141.0 | 4442.0 | 3975.0 | 38,861.2 | 37,655.4 | 76,516.6 |
4.2 COVID-19 Effects 2020
In estimating the effect of COVID-19 for 2020, Appendix B provides crude oil production for the top five producers for 2020. Prior to the COVID-19 outbreak, production for the top five producers exceeded 80,000 million barrels per day; after COVID-19, production fell to a low of 72,272.8 million barrels. The average total for 2020 was 76,021.6 million barrels.
Schmitz, Moss, and Schmitz (2020) estimated the impact of the COVID-19 event on global crude oil producer welfare for the year 2020. Monthly data on the production of crude oil, including lease condensate, by country, for January 2019 through March 2020 were obtained from the U.S. Energy Information Administration (USEIA 2020). Monthly crude oil production in millions of barrels per day (Mb/d) for each country was multiplied by the number of days each month. It was then aggregated over 12 months to obtain crude oil production for the United States, Russia, and Saudi Arabia for 2019 (which represents the baseline for a typical year in the absence of the COVID-19 event). Next, crude oil production in the United States, Russia, and Saudi Arabia was subtracted from the world total to create a fourth region for the Rest of the World (ROW). According to the USEIA (2020), the United States became the largest producer of “crude oil, including lease condensate” in the world at 4.46 billion barrels (Bb) in 2019, followed by Russia (3.96 Bb) and Saudi Arabia (3.59 Bb). In addition, data on average monthly spot prices for WTI crude in Cushing, Oklahoma, were obtained from the U.S. Energy Administration (USEIA 2020) for January 2019 through May 2020. The average monthly WTI crude spot prices for 2019 was $56.98 per barrel.
The U.S. Energy Administration has data on monthly crude oil production for January through March 2020 and average monthly WTI crude spot prices for January through May 2020. To obtain predictions for June through December 2020, we made the following simplifying assumptions regarding future monthly prices and production levels. First, rather than attempting to forecast prices for the rest of 2020, Schmitz, Moss, and Schmitz (2020) assume that the price of crude oil from June through December will be equal to the five-month average WTI crude spot price of $36.48 per barrel (which is also approximately equal to the spot price of WTI crude on June 15, 2020). Second, they assume that the quantity of crude oil produced by each country in April and May 2020 equaled the actual quantity produced during the corresponding months in 2019. Third, due to the announcement in June 2020 that OPEC (including Russia and Saudi Arabia) will cut back crude oil production by 30%, Schmitz, Moss, and Schmitz (2020) assume that the quantity of crude oil produced in each country from June 2020 through December 2020 will be equal to 70% of what each country produced in 2019.
4.3 Summarized Results
The results from Schmitz, Moss, and Schmitz (2020) for 2020 are summarized below. (These estimates are based on forecasted values for July 1st–December 31st, 2020). The loss of producer rent estimated due to COVID-19 for 2020 (based on Figure 4a) is $1030.0 billion U.S. dollars for world producers. The estimated loss in producer rent to U.S. producers alone is $176.8 billion U.S. dollars. However, their estimates for U.S. producer loss include not only losses from oil but also the losses from corn, ethanol, and refineries. For U.S. oil producers alone, the loss is 151.0 billion U.S. dollars.
In their estimates of the impact of COVID-19 for 2020, Schmitz, Moss, and Schmitz (2020) consider two possible scenarios from which they obtain estimates of the welfare implications of COVID-19 for the crude oil market. In the first scenario, assume the supply curves (S1–S c in Figure 4a) for each country are linear and use the actual price and aggregate quantity for 2019 as one point on their inverse supply curve and the predicted price and aggregate quantity for 2020 to obtain the second point on their inverse supply curves. These two points are used to derive the inverse aggregate supply curves for each country, and the inverse aggregate supply curves are then used to calculate producer surplus in 2019 and 2020 as the area above the inverse supply curve, bounded by the X-axis from below and the price from above (Just, Hueth, and Schmitz 2004).
The estimated welfare impacts of COVID-19 for crude oil producers associated with Scenario 1 (using aggregate supply curves across 2019 and 2020) are provided in Table 2. The average yearly crude oil price is projected to drop by $20.51 per barrel (36%) due to COVID-19. Crude oil production is predicted to drop in the United States by 700 Mb (16%), Russia by 690 Mb (17%), and Saudi Arabia by 630 Mb (18%) in 2020 as compared to 2019 data. U.S. crude oil producers are projected to lose $117 billion, followed by Russia ($54 billion) and Saudi Arabia ($49 billion). ROW crude oil producers are projected to lose $485 billion. The total predicted loss under Scenario 1 from COVID-19 in 2020, compared to 2019, is $706 billion for all world crude oil producers combined.
Impacts of COVID-19 for crude oil producers (yearly aggregated supply curves).
| Variable | United States | Russia | Saudi Arabia | ROW | Total |
|---|---|---|---|---|---|
| Price ($/barrel) | −21.0 | −21.0 | −21.0 | −21.0 | –21.0 |
| Quantity (billion barrels) | −700 | −689 | −630 | −3182 | –52.0 |
| Producer surplus (billion USD) | −117 | −54 | −49 | −485 | –706 |
In the second scenario, Schmitz, Moss, and Schmitz (2020) assume the supply curve for each country in 2019 is perfectly inelastic. For 2020, the supply curve for each country is separated into two periods (January through May and June through December), representing before and after the decision by OPEC to cut oil production by 30%. They assume the supply curve for each country in 2020 is perfectly inelastic in Period 1 and unitarily elastic in Period 2. The price of crude oil from June 2020 through December 2020 is assumed to be equal to the five-month average WTI crude spot price of $36.48 per barrel. The quantity of crude oil produced by each country in April and May 2020 is assumed to be equal to the actual quantity produced during the corresponding months in 2019. The quantity of crude oil produced in each country from June 2020 through December 2020 is predicted to be equal to 70% of what each country produced in 2019.
The estimated welfare impacts of COVID-19 for crude oil producers associated with Scenario 2 (which separates the 2020 supply curves into two periods) are provided in Table 3. In Period 1, comparing 2019 to 2020, predicted losses for crude oil producers in each region are as follows: United States ($35b), Russia ($35b), Saudi Arabia ($33b), ROW ($160) and world crude oil producers combined ($263b). In Period 2, predicted losses for crude oil producers in each region are as follows: United States ($116b), Russia ($101b), Saudi Arabia ($91b), ROW ($460), and world crude oil producers combined ($768b). On aggregate, we predict that COVID-19 resulted in losses to crude oil producers: United States ($151b), Russia ($136b), Saudi Arabia ($123b), and ROW ($620b). Compared to 2019, the total loss to the global crude oil market in 2020 is predicted to be approximately $US 1 trillion.
Impacts of COVID-19 for crude oil producers (two periods).
| Change from 2019 to 2020 (January–May) | |||||
|---|---|---|---|---|---|
| United States | Russia | Saudi Arabia | ROW | Total | |
| Price ($/barrel) | −21.36 | −21.36 | −21.36 | −21.36 | –21.36 |
| Quantity (million barrels) | 98.56 | 6.37 | −7.12 | −18.79 | 79.03 |
| Producer surplus (billion USD) | −34.89 | −34.62 | −32.71 | −160.50 | –262.72 |
| Change from 2019 to 2020 (June–December) | |||||
|---|---|---|---|---|---|
| United States | Russia | Saudi Arabia | ROW | Total | |
| Price ($/barrel) | −19.90 | −19.90 | −19.90 | −19.90 | –19.90 |
| Quantity (million barrels) | −798.81 | −695.45 | −623.27 | −3163 | –5281 |
| Producer surplus (billion USD) | −116.12 | −101.10 | −90.60 | −459.88 | –767.70 |
| Change from 2019 to 2020 (Total) | |||||
|---|---|---|---|---|---|
| United States | Russia | Saudi Arabia | ROW | Total | |
| Price ($/barrel) | −20.51 | −20.51 | −20.51 | −20.51 | –20.51 |
| Quantity (million barrels) | −700.25 | −689.08 | −630.39 | −3182 | –5202 |
| Producer surplus (billion USD) | −151.02 | −135.72 | −123.31 | −620.37 | –1030 |
5 COVID-19: Empirical Results 2020–2021
5.1 Year of 2020; With Actual Production Data
Schmitz, Moss, and Schmitz (2020) forecasted production from June 1st, 2020, through December 31st 2020. Here we provide estimates using actual production and price data for this period; our calculations are presented in Table 6. The data used for crude oil prices and oil production are given in Appendices A through C. Unlike the Schmitz, Moss, and Schmitz (2020) analysis, we do not consider the impact of COVID-19 on U.S. corn, ethanol, and oil refineries and blenders. However, the proportion of total rents that these sectors contribute is small relative to oil production.
The more inelastic the supply, the greater the levels of producer rents. The data suggests that these supply curves for oil are highly price inelastic. Our results depend upon the nature of the supply price elasticity for oil. Table 4 provides empirical evidence that the supply for crude oil is highly price inelastic. The change in the average price during 2020 and 2021 is US$28.97/barrel, while the change in the quantity of crude oil production is only 372,446 million barrels during the time period. Thus, a 1.3% change in quantity demanded of the crude oil resulted due to a 73% increase in the price of crude oil. Therefore, these calculations are based on price inelasticity supply curves.
Average price and quantity of crude oil: 2020 and 2021.
| 2020 | 2021 | Change | |
|---|---|---|---|
| Price of crude oil (US$/barrel) | 39.16 (average) | 68.13 (average) | 28.97 US$/barrel |
| Quantity of crude oil (in million barrels) | 27,747,884 | 28,120,330 | 372,446 million barrels |
The estimates by Schmitz, Moss, and Schmitz (2020) and ours do not discuss the competitive nature of world oil. Figure 4a suggests that the more inelastic the supply schedule, the more there arises a greater possibility for non-competitive price behavior.
World oil producers suffered a loss from COVID-19 of 1.086 trillion US dollars (Table 5). This is based on an average crude oil price of $US 39.16 dollar per barrel. (Note that this loss of 1086 billion is like the losses forecast by Schmitz, Moss, and Schmitz (2020) for 2020). The results in Table 4 are based on a comparison of oil producer rents from January 2019-March 2020. The first three months of 2020 were included in the calculations for 2019 because the impact of COVID-19 on prices in the first quarter of 2020 were negligible.
World oil producer economic losses from COVID-19, 2020.
| Timeline | Producer rent (in billion US $) |
|---|---|
| January 2019–March 2020 | 1866 |
| April 2020–December 2020 | 778 |
| First quarter (January–March), 2020 | 336 |
| Second quarter (April–June), 2020 | 188 |
| Loss in producer rent first quarter–Second quarter | 148 |
| Loss in producer rent from 2019 to 2020 | 1088 |
COVID-19: impact on oil producer rents (2021).
| Region | Price per Barrel (USD) | Oil production rents (billion/USD) | |
|---|---|---|---|
| Gross | Excluding variable costa | ||
| World oil | $20 | $562.4 | $478.1 |
| Production (billion/barrel) | $30 | $843.6 | $717.1 |
| 28.1 | $40 | $1120.0 | $952.0 |
| Top 5 oil producers | $20 | $285.5 | $242.7 |
| Production (billion/barrel) | $30 | $428.3 | $364.1 |
| 14.3 | $40 | $572.0 | $486.2 |
| OPEC | $20 | $184.9 | $157.2 |
| Production (billion/barrel) | $30 | $277.4 | $235.8 |
| 9.2 | $40 | $368.0 | $312.8 |
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aVariable cost: 15%. Authors’ calculations.
5.2 Impact of COVID-19 on world oil producers: 2021
The data used to estimate the impact of COVID-19 on world oil production in 2021 is given in Appendix B. After COVID-19, production fell to a low of 72,272.8 million barrels. The average total for production in 2021 was 77,042.0 million barrels. Table 6 shows the impact of COVID-19 on world oil producers and for the top five producers separately. The gross economic rents earned by total world oil producers range from $562.4 to $843.6 billion for oil prices between $20 and $30. The producer rents, excluding variable costs, range from $478.1 to $717.1 billion.
For the Top 5 Oil producers, gross rents total $285.5–$428.3 billion, while rents excluding variable costs range from $242.7 to $364.1 billion. For OPEC, the gross rents range from $184.9 to $277.4 billion, while rents excluding variable costs range from $157.2 to $235.8 billion. When the price per barrel increases to $40, we find that the gross rents increase to $1.120 trillion and $572.0 and $368.0 billion (from the World, Top 5 and OPEC oil producers, respectively). Likewise, the rents excluding variable costs range from $312.8 to $952.0 billion.
The net gain for world oil producers in 2021 is shown in Table 7. For an oil supply price elasticity of 1.0 at the minimum price of $47.47 per barrel the net producer gain is 667 billion US dollars. The gain increased to 1335 billion US dollars in case of an oil supply price elasticity of 0. World producers of crude oil gained on average 1.437 trillion US dollars surplus at an average price of $ 68.13 per barrel during the year of 2021 (Table 7).
World oil producer gain.
| Price of crude oil (US$/barrel) | Producer rent (billion US $) |
|---|---|
| 47.47 (minimum) | 1335 |
| 85.64 (maximum) | 2408 |
| 68.13 (average) | 1916 |
-
From author’s calculations, based on average total production of oil (2021) of 77,042.0 Mb/day.
5.3 The Net Effects of 2020 and 2021
To determine the net effects of COVID-19 we subtract the loss of 2020 from the gain in 2021. Table 8 shows the change of producer surplus due to the increase in price of crude oil after the shock of COVID-19. The net producer surplus gain is highest, which is estimated as 2.36 trillion US dollars in the case of minimum price of crude oil in the years of 2020 and 2021. However, the net gain in producer rent is equal to 829 billion US dollars in the case of the average price of crude oil.
Crude oil producer rents: net effects 2020–2021.
| Timeline | Producer rent (in billion US $) |
|---|---|
| January 2019–March 2020 | 1866 |
| April 2020–December 2020 | 778 |
| Loss in producer rent (2019 through 2020) | 1088 |
| First quarter (January–March), 2020 | 336 |
| Second quarter (April–June), 2020 | 188 |
| Loss in producer rent (first Quarter through Second quarter in 2020) | 148 |
| January 2020–December 2020 | 1087 |
| January 2021–December 2021 | 1916 |
| Net gain in producer rent (2020 through 2021) | 829 |
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Source: Author’s calculation.
6 Conclusions
Our estimates of the loss to world oil producers in 2020 from COVID-19 exceeded $US 1 trillion. (This result is remarkably like earlier results obtained by Schmitz, Moss, and Schmitz (2020), which were based on data forecasted for the last seven months of 2020). In 2021, however, the oil market recovered, resulting in a net world producer gain of $US1916 billion. Over the two periods, the gains in 2021 more than offset the loss in 2020, giving a net gain of $829 billion to world oil producers over the two periods. Therefore, the period considered in this analysis plays a major role in determining the impact of the COVID-19 pandemic. As we show, when both periods are combined, the picture is very different compared to considering each year separately.
We recognize that there are additional factors other than COVID-19 that may affect our results (for example, see Appendix D as well as Schmitz, Moss, and Schmitz 2020 on the positive impact OPEC had on oil during the COVID-19 pandemic). However, over the short period from March 2020 through March 2021, it appears that COVID-19 was the major factor affecting world oil markets. Further research would attempt to account for and separate different factors, including the role of OPEC as a separate player and how its policy of cutting production in response to COVID-19 affect the world market.
In addition, it appears that the effects of COVID-19 have diminished over time. The intensity of the effect of COVID-19 on world oil markets was much greater in 2020 than the remaining effects in 2021. Therefore, producer losses in 2020 resulted more from COVID-19 than did producer gains in 2021. As of September 2022, the effect of COVID-19 has diminished and replaced by other major factors affecting the world oil market, such as Russian invasion of Ukraine. Despite the changes, oil producers generally fared well in 2022. For example, the multi-national energy company Chevron Corporation (descendant of Standard Oil), recorded record profits.
Appendix A: Oil Price Data 2019–2021
| Cushing, OK WTI spot price FOB (dollars per barrel) | |
| Jan 02, 2019 | 46.31 |
| Jan 03, 2019 | 46.92 |
| Jan 04, 2019 | 47.76 |
| Jan 07, 2019 | 48.27 |
| Jan 08, 2019 | 49.58 |
| Jan 09, 2019 | 52.19 |
| Jan 10, 2019 | 52.42 |
| Jan 11, 2019 | 51.44 |
| Jan 14, 2019 | 50.31 |
| Jan 15, 2019 | 51.8 |
| Jan 16, 2019 | 52.08 |
| Jan 17, 2019 | 51.83 |
| Jan 18, 2019 | 53.6 |
| Jan 21, 2019 | |
| Jan 22, 2019 | 52.59 |
| Jan 23, 2019 | 52.44 |
| Jan 24, 2019 | 52.94 |
| Jan 25, 2019 | 53.53 |
| Jan 28, 2019 | 51.79 |
| Jan 29, 2019 | 53.07 |
| Jan 30, 2019 | 54.18 |
| Jan 31, 2019 | 53.84 |
| Feb 01, 2019 | 55.29 |
| Feb 04, 2019 | 54.57 |
| Feb 05, 2019 | 53.69 |
| Feb 06, 2019 | 53.94 |
| Feb 07, 2019 | 52.68 |
| Feb 08, 2019 | 52.75 |
| Feb 11, 2019 | 52.43 |
| Feb 12, 2019 | 53.14 |
| Feb 13, 2019 | 53.84 |
| Feb 14, 2019 | 54.4 |
| Feb 15, 2019 | 55.58 |
| Feb 18, 2019 | |
| Feb 19, 2019 | 56.12 |
| Feb 20, 2019 | 56.9 |
| Feb 21, 2019 | 56.95 |
| Feb 22, 2019 | 57.01 |
| Feb 25, 2019 | 55.32 |
| Feb 26, 2019 | 55.4 |
| Feb 27, 2019 | 56.92 |
| Feb 28, 2019 | 57.21 |
| Mar 01, 2019 | 55.76 |
| Mar 04, 2019 | 56.6 |
| Mar 05, 2019 | 56.55 |
| Mar 06, 2019 | 56.22 |
| Mar 07, 2019 | 56.6 |
| Mar 08, 2019 | 55.77 |
| Mar 11, 2019 | 56.79 |
| Mar 12, 2019 | 56.89 |
| Mar 13, 2019 | 58.27 |
| Mar 14, 2019 | 58.59 |
| Mar 15, 2019 | 58.51 |
| Mar 18, 2019 | 59.09 |
| Mar 19, 2019 | 59.12 |
| Mar 20, 2019 | 60.12 |
| Mar 21, 2019 | 59.98 |
| Mar 22, 2019 | 58.87 |
| Mar 25, 2019 | 58.71 |
| Mar 26, 2019 | 59.87 |
| Mar 27, 2019 | 59.39 |
| Mar 28, 2019 | 59.29 |
| Mar 29, 2019 | 60.19 |
| Apr 01, 2019 | 61.59 |
| Apr 02, 2019 | 62.53 |
| Apr 03, 2019 | 62.46 |
| Apr 04, 2019 | 62.12 |
| Apr 05, 2019 | 63.1 |
| Apr 08, 2019 | 64.37 |
| Apr 09, 2019 | 64.05 |
| Apr 10, 2019 | 64.62 |
| Apr 11, 2019 | 63.61 |
| Apr 12, 2019 | 63.86 |
| Apr 15, 2019 | 63.43 |
| Apr 16, 2019 | 64.01 |
| Apr 17, 2019 | 63.74 |
| Apr 18, 2019 | 64.02 |
| Apr 22, 2019 | 65.66 |
| Apr 23, 2019 | 66.24 |
| Apr 24, 2019 | 65.96 |
| Apr 25, 2019 | 65.23 |
| Apr 26, 2019 | 63.29 |
| Apr 29, 2019 | 63.39 |
| Apr 30, 2019 | 63.83 |
| May 01, 2019 | 63.55 |
| May 02, 2019 | 61.75 |
| May 03, 2019 | 61.98 |
| May 06, 2019 | 62.3 |
| May 07, 2019 | 61.41 |
| May 08, 2019 | 62.13 |
| May 09, 2019 | 61.58 |
| May 10, 2019 | 61.65 |
| May 13, 2019 | 60.97 |
| May 14, 2019 | 61.82 |
| May 15, 2019 | 62.03 |
| May 16, 2019 | 62.93 |
| May 17, 2019 | 62.77 |
| May 20, 2019 | 63.12 |
| May 21, 2019 | 63.02 |
| May 22, 2019 | 61.42 |
| May 23, 2019 | 57.65 |
| May 24, 2019 | 58.4 |
| May 28, 2019 | 58.91 |
| May 29, 2019 | 58.84 |
| May 30, 2019 | 56.47 |
| May 31, 2019 | 53.49 |
| Jun 03, 2019 | 53.25 |
| Jun 04, 2019 | 53.5 |
| Jun 05, 2019 | 51.57 |
| Jun 06, 2019 | 52.59 |
| Jun 07, 2019 | 53.95 |
| Jun 10, 2019 | 53.33 |
| Jun 11, 2019 | 53.3 |
| Jun 12, 2019 | 51.13 |
| Jun 13, 2019 | 52.38 |
| Jun 14, 2019 | 52.47 |
| Jun 17, 2019 | 51.94 |
| Jun 18, 2019 | 53.86 |
| Jun 19, 2019 | 53.74 |
| Jun 20, 2019 | 56.88 |
| Jun 21, 2019 | 57.35 |
| Jun 24, 2019 | 57.73 |
| Jun 25, 2019 | 57.63 |
| Jun 26, 2019 | 59.17 |
| Jun 27, 2019 | 59.18 |
| Jun 28, 2019 | 58.2 |
| Jul 01, 2019 | 58.91 |
| Jul 02, 2019 | 56 |
| Jul 03, 2019 | 57.06 |
| Jul 04, 2019 | |
| Jul 05, 2019 | |
| Jul 08, 2019 | 57.35 |
| Jul 09, 2019 | 57.57 |
| Jul 10, 2019 | 60.28 |
| Jul 11, 2019 | 59.93 |
| Jul 12, 2019 | 59.99 |
| Jul 15, 2019 | 59.3 |
| Jul 16, 2019 | 57.44 |
| Jul 17, 2019 | 56.5 |
| Jul 18, 2019 | 55.08 |
| Jul 19, 2019 | 55.42 |
| Jul 22, 2019 | 55.87 |
| Jul 23, 2019 | 56.58 |
| Jul 24, 2019 | 55.9 |
| Jul 25, 2019 | 55.88 |
| Jul 26, 2019 | 56.04 |
| Jul 29, 2019 | 56.85 |
| Jul 30, 2019 | 58.04 |
| Jul 31, 2019 | 58.53 |
| Aug 01, 2019 | 53.64 |
| Aug 02, 2019 | 55.67 |
| Aug 05, 2019 | 54.63 |
| Aug 06, 2019 | 53.6 |
| Aug 07, 2019 | 51.14 |
| Aug 08, 2019 | 52.6 |
| Aug 09, 2019 | 54.41 |
| Aug 12, 2019 | 54.98 |
| Aug 13, 2019 | 57.05 |
| Aug 14, 2019 | 55.16 |
| Aug 15, 2019 | 54.51 |
| Aug 16, 2019 | 54.83 |
| Aug 19, 2019 | 56.24 |
| Aug 20, 2019 | 56.18 |
| Aug 21, 2019 | 55.65 |
| Aug 22, 2019 | 55.33 |
| Aug 23, 2019 | 54.08 |
| Aug 26, 2019 | 53.54 |
| Aug 27, 2019 | 54.99 |
| Aug 28, 2019 | 55.76 |
| Aug 29, 2019 | 56.67 |
| Aug 30, 2019 | 55.07 |
| Sep 02, 2019 | |
| Sep 03, 2019 | 53.91 |
| Sep 04, 2019 | 56.22 |
| Sep 05, 2019 | 56.33 |
| Sep 06, 2019 | 56.45 |
| Sep 09, 2019 | 57.88 |
| Sep 10, 2019 | 57.37 |
| Sep 11, 2019 | 55.66 |
| Sep 12, 2019 | 55.13 |
| Sep 13, 2019 | 54.76 |
| Sep 16, 2019 | 63.1 |
| Sep 17, 2019 | 59.26 |
| Sep 18, 2019 | 58.19 |
| Sep 19, 2019 | 58.19 |
| Sep 20, 2019 | 57.92 |
| Sep 23, 2019 | 58.69 |
| Sep 24, 2019 | 57.22 |
| Sep 25, 2019 | 56.38 |
| Sep 26, 2019 | 56.24 |
| Sep 27, 2019 | 55.95 |
| Sep 30, 2019 | 54.09 |
| Oct 01, 2019 | 53.6 |
| Oct 02, 2019 | 52.67 |
| Oct 03, 2019 | 52.41 |
| Oct 04, 2019 | 52.84 |
| Oct 07, 2019 | 52.76 |
| Oct 08, 2019 | 52.64 |
| Oct 09, 2019 | 52.63 |
| Oct 10, 2019 | 53.57 |
| Oct 11, 2019 | 54.76 |
| Oct 14, 2019 | 53.57 |
| Oct 15, 2019 | 52.81 |
| Oct 16, 2019 | 53.42 |
| Oct 17, 2019 | 53.89 |
| Oct 18, 2019 | 53.75 |
| Oct 21, 2019 | 53.28 |
| Oct 22, 2019 | 54.21 |
| Oct 23, 2019 | 55.9 |
| Oct 24, 2019 | 56.11 |
| Oct 25, 2019 | 56.52 |
| Oct 28, 2019 | 55.6 |
| Oct 29, 2019 | 55.34 |
| Oct 30, 2019 | 54.85 |
| Oct 31, 2019 | 54.02 |
| Nov 01, 2019 | 56.04 |
| Nov 04, 2019 | 56.33 |
| Nov 05, 2019 | 57.04 |
| Nov 06, 2019 | 56.15 |
| Nov 07, 2019 | 56.91 |
| Nov 08, 2019 | 57.02 |
| Nov 11, 2019 | |
| Nov 12, 2019 | 56.67 |
| Nov 13, 2019 | 56.88 |
| Nov 14, 2019 | 56.57 |
| Nov 15, 2019 | 57.54 |
| Nov 18, 2019 | 56.82 |
| Nov 19, 2019 | 54.93 |
| Nov 20, 2019 | 56.71 |
| Nov 21, 2019 | 58.36 |
| Nov 22, 2019 | 57.68 |
| Nov 25, 2019 | 57.79 |
| Nov 26, 2019 | 58.25 |
| Nov 27, 2019 | 58.12 |
| Nov 28, 2019 | |
| Nov 29, 2019 | 58.12 |
| Dec 02, 2019 | 55.97 |
| Dec 03, 2019 | 56.15 |
| Dec 04, 2019 | 58.46 |
| Dec 05, 2019 | 58.42 |
| Dec 06, 2019 | 59.2 |
| Dec 09, 2019 | 58.99 |
| Dec 10, 2019 | 59.22 |
| Dec 11, 2019 | 58.74 |
| Dec 12, 2019 | 59.18 |
| Dec 13, 2019 | 60.11 |
| Dec 16, 2019 | 60.21 |
| Dec 17, 2019 | 60.88 |
| Dec 18, 2019 | 60.93 |
| Dec 19, 2019 | 61.3 |
| Dec 20, 2019 | 60.43 |
| Dec 23, 2019 | 60.51 |
| Dec 24, 2019 | 61.17 |
| Dec 26, 2019 | 61.72 |
| Dec 27, 2019 | 61.76 |
| Dec 30, 2019 | 61.66 |
| Dec 31, 2019 | 61.14 |
| Jan 02, 2020 | 61.17 |
| Jan 03, 2020 | 63 |
| Jan 06, 2020 | 63.27 |
| Jan 07, 2020 | 62.7 |
| Jan 08, 2020 | 59.65 |
| Jan 09, 2020 | 59.56 |
| Jan 10, 2020 | 59.02 |
| Jan 13, 2020 | 58.17 |
| Jan 14, 2020 | 58.34 |
| Jan 15, 2020 | 57.86 |
| Jan 16, 2020 | 58.52 |
| Jan 17, 2020 | 58.55 |
| Jan 20, 2020 | |
| Jan 21, 2020 | 58.25 |
| Jan 22, 2020 | 56.76 |
| Jan 23, 2020 | 55.51 |
| Jan 24, 2020 | 54.09 |
| Jan 27, 2020 | 53.09 |
| Jan 28, 2020 | 53.33 |
| Jan 29, 2020 | 53.29 |
| Jan 30, 2020 | 52.19 |
| Jan 31, 2020 | 51.58 |
| Feb 03, 2020 | 50.06 |
| Feb 04, 2020 | 49.59 |
| Feb 05, 2020 | 50.87 |
| Feb 06, 2020 | 50.94 |
| Feb 07, 2020 | 50.34 |
| Feb 10, 2020 | 49.59 |
| Feb 11, 2020 | 50 |
| Feb 12, 2020 | 51.13 |
| Feb 13, 2020 | 51.41 |
| Feb 14, 2020 | 52.03 |
| Feb 17, 2020 | |
| Feb 18, 2020 | 52.1 |
| Feb 19, 2020 | 53.31 |
| Feb 20, 2020 | 53.77 |
| Feb 21, 2020 | 53.36 |
| Feb 24, 2020 | 51.36 |
| Feb 25, 2020 | 49.78 |
| Feb 26, 2020 | 48.67 |
| Feb 27, 2020 | 47.17 |
| Feb 28, 2020 | 44.83 |
| Mar 02, 2020 | 46.78 |
| Mar 03, 2020 | 47.27 |
| Mar 04, 2020 | 46.78 |
| Mar 05, 2020 | 45.9 |
| Mar 06, 2020 | 41.14 |
| Mar 09, 2020 | 31.05 |
| Mar 10, 2020 | 34.47 |
| Mar 11, 2020 | 33.13 |
| Mar 12, 2020 | 31.56 |
| Mar 13, 2020 | 31.72 |
| Mar 16, 2020 | 28.96 |
| Mar 17, 2020 | 26.96 |
| Mar 18, 2020 | 20.48 |
| Mar 19, 2020 | 25.09 |
| Mar 20, 2020 | 19.48 |
| Mar 23, 2020 | 23.33 |
| Mar 24, 2020 | 21.03 |
| Mar 25, 2020 | 20.75 |
| Mar 26, 2020 | 16.6 |
| Mar 27, 2020 | 15.48 |
| Mar 30, 2020 | 14.1 |
| Mar 31, 2020 | 20.51 |
| Apr 01, 2020 | 20.28 |
| Apr 02, 2020 | 25.18 |
| Apr 03, 2020 | 28.36 |
| Apr 06, 2020 | 26.21 |
| Apr 07, 2020 | 23.54 |
| Apr 08, 2020 | 24.97 |
| Apr 09, 2020 | 22.9 |
| Apr 13, 2020 | 22.36 |
| Apr 14, 2020 | 20.15 |
| Apr 15, 2020 | 19.96 |
| Apr 16, 2020 | 19.82 |
| Apr 17, 2020 | 18.31 |
| Apr 20, 2020 | −36.98 |
| Apr 21, 2020 | 8.91 |
| Apr 22, 2020 | 13.64 |
| Apr 23, 2020 | 15.06 |
| Apr 24, 2020 | 15.99 |
| Apr 27, 2020 | 12.17 |
| Apr 28, 2020 | 12.4 |
| Apr 29, 2020 | 15.04 |
| Apr 30, 2020 | 19.23 |
| May 01, 2020 | 19.72 |
| May 04, 2020 | 20.47 |
| May 05, 2020 | 24.56 |
| May 06, 2020 | 23.88 |
| May 07, 2020 | 23.68 |
| May 08, 2020 | 24.73 |
| May 11, 2020 | 24.02 |
| May 12, 2020 | 25.76 |
| May 13, 2020 | 25.37 |
| May 14, 2020 | 27.4 |
| May 15, 2020 | 29.44 |
| May 18, 2020 | 31.83 |
| May 19, 2020 | 32.3 |
| May 20, 2020 | 33.56 |
| May 21, 2020 | 34.3 |
| May 22, 2020 | 33.49 |
| May 26, 2020 | 34.7 |
| May 27, 2020 | 32.8 |
| May 28, 2020 | 33.67 |
| May 29, 2020 | 35.57 |
| Jun 01, 2020 | 35.49 |
| Jun 02, 2020 | 36.88 |
| Jun 03, 2020 | 37.33 |
| Jun 04, 2020 | 37.42 |
| Jun 05, 2020 | 39.49 |
| Jun 08, 2020 | 38.17 |
| Jun 09, 2020 | 38.98 |
| Jun 10, 2020 | 39.54 |
| Jun 11, 2020 | 36.43 |
| Jun 12, 2020 | 36.24 |
| Jun 15, 2020 | 37.07 |
| Jun 16, 2020 | 38.26 |
| Jun 17, 2020 | 37.91 |
| Jun 18, 2020 | 38.79 |
| Jun 19, 2020 | 39.72 |
| Jun 22, 2020 | 40.6 |
| Jun 23, 2020 | 40.4 |
| Jun 24, 2020 | 37.91 |
| Jun 25, 2020 | 38.66 |
| Jun 26, 2020 | 38.53 |
| Jun 29, 2020 | 39.67 |
| Jun 30, 2020 | 39.27 |
| Jul 01, 2020 | 39.88 |
| Jul 02, 2020 | 40.57 |
| Jul 03, 2020 | |
| Jul 06, 2020 | 40.51 |
| Jul 07, 2020 | 40.59 |
| Jul 08, 2020 | 40.91 |
| Jul 09, 2020 | 39.64 |
| Jul 10, 2020 | 40.56 |
| Jul 13, 2020 | 40.06 |
| Jul 14, 2020 | 40.3 |
| Jul 15, 2020 | 41.2 |
| Jul 16, 2020 | 40.74 |
| Jul 17, 2020 | 40.55 |
| Jul 20, 2020 | 40.83 |
| Jul 21, 2020 | 41.76 |
| Jul 22, 2020 | 41.88 |
| Jul 23, 2020 | 40.99 |
| Jul 24, 2020 | 41.23 |
| Jul 27, 2020 | 41.46 |
| Jul 28, 2020 | 40.89 |
| Jul 29, 2020 | 41.13 |
| Jul 30, 2020 | 39.85 |
| Jul 31, 2020 | 40.1 |
| Aug 03, 2020 | 40.83 |
| Aug 04, 2020 | 41.67 |
| Aug 05, 2020 | 42.25 |
| Aug 06, 2020 | 41.93 |
| Aug 07, 2020 | 41.16 |
| Aug 10, 2020 | 41.94 |
| Aug 11, 2020 | 41.53 |
| Aug 12, 2020 | 42.6 |
| Aug 13, 2020 | 42.26 |
| Aug 14, 2020 | 42.05 |
| Aug 17, 2020 | 42.89 |
| Aug 18, 2020 | 42.89 |
| Aug 19, 2020 | 42.91 |
| Aug 20, 2020 | 42.62 |
| Aug 21, 2020 | 42.32 |
| Aug 24, 2020 | 42.44 |
| Aug 25, 2020 | 43.17 |
| Aug 26, 2020 | 43.21 |
| Aug 27, 2020 | 42.88 |
| Aug 28, 2020 | 42.96 |
| Aug 31, 2020 | 42.61 |
| Sep 01, 2020 | 42.76 |
| Sep 02, 2020 | 42.76 |
| Sep 03, 2020 | 41.39 |
| Sep 04, 2020 | 39.69 |
| Sep 07, 2020 | |
| Sep 08, 2020 | 36.87 |
| Sep 09, 2020 | 38.05 |
| Sep 10, 2020 | 37.25 |
| Sep 11, 2020 | 37.33 |
| Sep 14, 2020 | 37.23 |
| Sep 15, 2020 | 38.29 |
| Sep 16, 2020 | 40.17 |
| Sep 17, 2020 | 40.99 |
| Sep 18, 2020 | 41.09 |
| Sep 21, 2020 | 39.26 |
| Sep 22, 2020 | 39.55 |
| Sep 23, 2020 | 39.92 |
| Sep 24, 2020 | 40.11 |
| Sep 25, 2020 | 40.06 |
| Sep 28, 2020 | 40.47 |
| Sep 29, 2020 | 39.03 |
| Sep 30, 2020 | 40.05 |
| Oct 01, 2020 | 38.51 |
| Oct 02, 2020 | 36.9 |
| Oct 05, 2020 | 39.12 |
| Oct 06, 2020 | 40.52 |
| Oct 07, 2020 | 39.82 |
| Oct 08, 2020 | 41.04 |
| Oct 09, 2020 | 40.44 |
| Oct 12, 2020 | 39.22 |
| Oct 13, 2020 | 40.03 |
| Oct 14, 2020 | 40.86 |
| Oct 15, 2020 | 40.84 |
| Oct 16, 2020 | 40.7 |
| Oct 19, 2020 | 40.69 |
| Oct 20, 2020 | 41.37 |
| Oct 21, 2020 | 39.88 |
| Oct 22, 2020 | 40.46 |
| Oct 23, 2020 | 39.73 |
| Oct 26, 2020 | 38.39 |
| Oct 27, 2020 | 39.34 |
| Oct 28, 2020 | 37.27 |
| Oct 29, 2020 | 35.94 |
| Oct 30, 2020 | 35.64 |
| Nov 02, 2020 | 36.6 |
| Nov 03, 2020 | 37.44 |
| Nov 04, 2020 | 38.97 |
| Nov 05, 2020 | 38.56 |
| Nov 06, 2020 | 36.97 |
| Nov 09, 2020 | 40.05 |
| Nov 10, 2020 | 41.18 |
| Nov 11, 2020 | 41.23 |
| Nov 12, 2020 | 40.9 |
| Nov 13, 2020 | 39.93 |
| Nov 16, 2020 | 41.14 |
| Nov 17, 2020 | 41.24 |
| Nov 18, 2020 | 41.64 |
| Nov 19, 2020 | 41.57 |
| Nov 20, 2020 | 41.99 |
| Nov 23, 2020 | 42.91 |
| Nov 24, 2020 | 44.71 |
| Nov 25, 2020 | 45.58 |
| Nov 26, 2020 | |
| Nov 27, 2020 | |
| Nov 30, 2020 | 45.2 |
| Dec 01, 2020 | 44.54 |
| Dec 02, 2020 | 45.23 |
| Dec 03, 2020 | 45.65 |
| Dec 04, 2020 | 46.23 |
| Dec 07, 2020 | 45.72 |
| Dec 08, 2020 | 45.64 |
| Dec 09, 2020 | 45.48 |
| Dec 10, 2020 | 46.76 |
| Dec 11, 2020 | 46.59 |
| Dec 14, 2020 | 47.02 |
| Dec 15, 2020 | 47.58 |
| Dec 16, 2020 | 47.86 |
| Dec 17, 2020 | 48.34 |
| Dec 18, 2020 | 49.04 |
| Dec 21, 2020 | 47.79 |
| Dec 22, 2020 | 47.02 |
| Dec 23, 2020 | 47.94 |
| Dec 24, 2020 | 48.18 |
| Dec 28, 2020 | 47.5 |
| Dec 29, 2020 | 47.85 |
| Dec 30, 2020 | 48.24 |
| Dec 31, 2020 | 48.35 |
| Jan 04, 2021 | 47.47 |
| Jan 05, 2021 | 49.78 |
| Jan 06, 2021 | 50.45 |
| Jan 07, 2021 | 50.63 |
| Jan 08, 2021 | 52.14 |
| Jan 11, 2021 | 52.15 |
| Jan 12, 2021 | 53.08 |
| Jan 13, 2021 | 52.81 |
| Jan 14, 2021 | 53.47 |
| Jan 15, 2021 | 52.25 |
| Jan 18, 2021 | |
| Jan 19, 2021 | 52.87 |
| Jan 20, 2021 | 53.16 |
| Jan 21, 2021 | 53 |
| Jan 22, 2021 | 52.28 |
| Jan 25, 2021 | 52.78 |
| Jan 26, 2021 | 52.61 |
| Jan 27, 2021 | 52.81 |
| Jan 28, 2021 | 52.26 |
| Jan 29, 2021 | 52.16 |
| Feb 01, 2021 | 53.55 |
| Feb 02, 2021 | 54.77 |
| Feb 03, 2021 | 55.67 |
| Feb 04, 2021 | 56.19 |
| Feb 05, 2021 | 56.8 |
| Feb 08, 2021 | 57.95 |
| Feb 09, 2021 | 58.34 |
| Feb 10, 2021 | 58.69 |
| Feb 11, 2021 | 58.22 |
| Feb 12, 2021 | 59.5 |
| Feb 15, 2021 | |
| Feb 16, 2021 | 60.07 |
| Feb 17, 2021 | 61.09 |
| Feb 18, 2021 | 60.4 |
| Feb 19, 2021 | 59.12 |
| Feb 22, 2021 | 61.67 |
| Feb 23, 2021 | 61.66 |
| Feb 24, 2021 | 63.21 |
| Feb 25, 2021 | 63.43 |
| Feb 26, 2021 | 61.55 |
| Mar 01, 2021 | 60.54 |
| Mar 02, 2021 | 59.7 |
| Mar 03, 2021 | 61.33 |
| Mar 04, 2021 | 63.81 |
| Mar 05, 2021 | 66.08 |
| Mar 08, 2021 | 65.03 |
| Mar 09, 2021 | 64.02 |
| Mar 10, 2021 | 64.45 |
| Mar 11, 2021 | 66.02 |
| Mar 12, 2021 | 65.59 |
| Mar 15, 2021 | 65.36 |
| Mar 16, 2021 | 64.82 |
| Mar 17, 2021 | 64.55 |
| Mar 18, 2021 | 59.95 |
| Mar 19, 2021 | 61.43 |
| Mar 22, 2021 | 61.48 |
| Mar 23, 2021 | 57.75 |
| Mar 24, 2021 | 61.12 |
| Mar 25, 2021 | 58.47 |
| Mar 26, 2021 | 60.93 |
| Mar 29, 2021 | 61.49 |
| Mar 30, 2021 | 60.55 |
| Mar 31, 2021 | 59.19 |
| Apr 01, 2021 | 61.41 |
| Apr 05, 2021 | 58.73 |
| Apr 06, 2021 | 59.34 |
| Apr 07, 2021 | 59.77 |
| Apr 08, 2021 | 59.61 |
| Apr 09, 2021 | 59.29 |
| Apr 12, 2021 | 59.7 |
| Apr 13, 2021 | 60.2 |
| Apr 14, 2021 | 63.15 |
| Apr 15, 2021 | 63.42 |
| Apr 16, 2021 | 63.16 |
| Apr 19, 2021 | 63.33 |
| Apr 20, 2021 | 62.61 |
| Apr 21, 2021 | 61.34 |
| Apr 22, 2021 | 61.45 |
| Apr 23, 2021 | 62.18 |
| Apr 26, 2021 | 62.02 |
| Apr 27, 2021 | 63.03 |
| Apr 28, 2021 | 63.81 |
| Apr 29, 2021 | 65 |
| Apr 30, 2021 | 63.5 |
| May 03, 2021 | 64.46 |
| May 04, 2021 | 65.72 |
| May 05, 2021 | 65.63 |
| May 06, 2021 | 64.73 |
| May 07, 2021 | 64.96 |
| May 10, 2021 | 64.92 |
| May 11, 2021 | 65.31 |
| May 12, 2021 | 65.96 |
| May 13, 2021 | 63.82 |
| May 14, 2021 | 65.32 |
| May 17, 2021 | 66.24 |
| May 18, 2021 | 65.49 |
| May 19, 2021 | 63.28 |
| May 20, 2021 | 61.95 |
| May 21, 2021 | 63.61 |
| May 24, 2021 | 66.13 |
| May 25, 2021 | 66.27 |
| May 26, 2021 | 66.41 |
| May 27, 2021 | 66.87 |
| May 28, 2021 | 66.31 |
| Jun 01, 2021 | 67.8 |
| Jun 02, 2021 | 68.79 |
| Jun 03, 2021 | 68.81 |
| Jun 04, 2021 | 69.57 |
| Jun 07, 2021 | 69.21 |
| Jun 08, 2021 | 70.11 |
| Jun 09, 2021 | 69.9 |
| Jun 10, 2021 | 70.34 |
| Jun 11, 2021 | 71 |
| Jun 14, 2021 | 70.94 |
| Jun 15, 2021 | 72.06 |
| Jun 16, 2021 | 72.03 |
| Jun 17, 2021 | 71.06 |
| Jun 18, 2021 | 71.64 |
| Jun 21, 2021 | 73.64 |
| Jun 22, 2021 | 73.15 |
| Jun 23, 2021 | 73.11 |
| Jun 24, 2021 | 73.31 |
| Jun 25, 2021 | 74.21 |
| Jun 28, 2021 | 72.98 |
| Jun 29, 2021 | 73.14 |
| Jun 30, 2021 | 73.52 |
| Jul 01, 2021 | 75.33 |
| Jul 02, 2021 | 75.37 |
| Jul 05, 2021 | |
| Jul 06, 2021 | 73.62 |
| Jul 07, 2021 | 72.22 |
| Jul 08, 2021 | 72.98 |
| Jul 09, 2021 | 74.56 |
| Jul 12, 2021 | 74.21 |
| Jul 13, 2021 | 75.24 |
| Jul 14, 2021 | 73.06 |
| Jul 15, 2021 | 71.67 |
| Jul 16, 2021 | 71.76 |
| Jul 19, 2021 | 66.45 |
| Jul 20, 2021 | 67.32 |
| Jul 21, 2021 | 70.26 |
| Jul 22, 2021 | 72.15 |
| Jul 23, 2021 | 72.24 |
| Jul 26, 2021 | 72.15 |
| Jul 27, 2021 | 71.68 |
| Jul 28, 2021 | 72.37 |
| Jul 29, 2021 | 73.62 |
| Jul 30, 2021 | 73.93 |
| Aug 02, 2021 | 71.31 |
| Aug 03, 2021 | 70.64 |
| Aug 04, 2021 | 68.19 |
| Aug 05, 2021 | 69.1 |
| Aug 06, 2021 | 68.26 |
| Aug 09, 2021 | 66.56 |
| Aug 10, 2021 | 68.33 |
| Aug 11, 2021 | 69.3 |
| Aug 12, 2021 | 69.12 |
| Aug 13, 2021 | 68.36 |
| Aug 16, 2021 | 67.44 |
| Aug 17, 2021 | 66.5 |
| Aug 18, 2021 | 65.36 |
| Aug 19, 2021 | 63.69 |
| Aug 20, 2021 | 62.25 |
| Aug 23, 2021 | 65.65 |
| Aug 24, 2021 | 67.5 |
| Aug 25, 2021 | 68.54 |
| Aug 26, 2021 | 67.42 |
| Aug 27, 2021 | 68.84 |
| Aug 30, 2021 | 69.28 |
| Aug 31, 2021 | 68.43 |
| Sep 01, 2021 | 68.63 |
| Sep 02, 2021 | 70.07 |
| Sep 03, 2021 | 69.34 |
| Sep 06, 2021 | |
| Sep 07, 2021 | 68.49 |
| Sep 08, 2021 | 69.36 |
| Sep 09, 2021 | 68.26 |
| Sep 10, 2021 | 69.82 |
| Sep 13, 2021 | 70.54 |
| Sep 14, 2021 | 70.53 |
| Sep 15, 2021 | 72.59 |
| Sep 16, 2021 | 72.69 |
| Sep 17, 2021 | 72.09 |
| Sep 20, 2021 | 70.41 |
| Sep 21, 2021 | 70.51 |
| Sep 22, 2021 | 72.37 |
| Sep 23, 2021 | 73.43 |
| Sep 24, 2021 | 74.18 |
| Sep 27, 2021 | 75.54 |
| Sep 28, 2021 | 75.44 |
| Sep 29, 2021 | 75.06 |
| Sep 30, 2021 | 75.22 |
| Oct 01, 2021 | 76.01 |
| Oct 04, 2021 | 77.68 |
| Oct 05, 2021 | 79.17 |
| Oct 06, 2021 | 77.66 |
| Oct 07, 2021 | 78.46 |
| Oct 08, 2021 | 79.55 |
| Oct 11, 2021 | 80.64 |
| Oct 12, 2021 | 80.75 |
| Oct 13, 2021 | 80.67 |
| Oct 14, 2021 | 81.43 |
| Oct 15, 2021 | 82.39 |
| Oct 18, 2021 | 82.62 |
| Oct 19, 2021 | 83.19 |
| Oct 20, 2021 | 84.4 |
| Oct 21, 2021 | 82.64 |
| Oct 22, 2021 | 84.53 |
| Oct 25, 2021 | 84.64 |
| Oct 26, 2021 | 85.64 |
| Oct 27, 2021 | 82.66 |
| Oct 28, 2021 | 82.78 |
| Oct 29, 2021 | 83.5 |
| Nov 01, 2021 | 84.08 |
| Nov 02, 2021 | 83.91 |
| Nov 03, 2021 | 80.82 |
| Nov 04, 2021 | 78.88 |
| Nov 05, 2021 | 81.25 |
| Nov 08, 2021 | 81.96 |
| Nov 09, 2021 | 84.12 |
| Nov 10, 2021 | 81.23 |
| Nov 11, 2021 | 81.47 |
| Nov 12, 2021 | 80.87 |
| Nov 15, 2021 | 80.85 |
| Nov 16, 2021 | 80.76 |
| Nov 17, 2021 | 78.32 |
| Nov 18, 2021 | 78.92 |
| Nov 19, 2021 | 76.11 |
| Nov 22, 2021 | 76.74 |
| Nov 23, 2021 | 78.32 |
| Nov 24, 2021 | 78.32 |
| Nov 25, 2021 | |
| Nov 26, 2021 | |
| Nov 29, 2021 | 69.88 |
| Nov 30, 2021 | 66.14 |
| Dec 01, 2021 | 65.44 |
| Dec 02, 2021 | 66.6 |
| Dec 03, 2021 | 66.39 |
| Dec 06, 2021 | 69.62 |
| Dec 07, 2021 | 71.94 |
| Dec 08, 2021 | 72.43 |
| Dec 09, 2021 | 70.87 |
| Dec 10, 2021 | 71.71 |
| Dec 13, 2021 | 71.19 |
| Dec 14, 2021 | 70.57 |
| Dec 15, 2021 | 70.89 |
| Dec 16, 2021 | 72.34 |
| Dec 17, 2021 | 70.93 |
| Dec 20, 2021 | 68.69 |
| Dec 21, 2021 | 71.1 |
| Dec 22, 2021 | 72.82 |
| Dec 23, 2021 | 73.89 |
| Dec 24, 2021 | |
| Dec 27, 2021 | 75.49 |
| Dec 28, 2021 | 76.01 |
| Dec 29, 2021 | 76.58 |
| Dec 30, 2021 | 76.83 |
| Dec 31, 2021 | 75.33 |
Appendix B: Oil Production Data 2020
Country level crude oil production for 2020 (Mb/d) – selected months.
| Date | United States | Russia | Saudi Arabia | Canada | Iraq | Total top 5 | Other | Total |
|---|---|---|---|---|---|---|---|---|
| 2020 | ||||||||
|
|
||||||||
| Jan | 12,754.8 | 10,916.2 | 10,044.0 | 4527.0 | 4575.0 | 42,817.0 | 40,200.8 | 83,017.9 |
| Feb | 12,745.6 | 10,897.3 | 9944.0 | 4593.0 | 4675.0 | 42,854.9 | 39,257.9 | 82,112.8 |
| Mar | 12,737.1 | 10,893.8 | 9994.0 | 4533.0 | 4525.0 | 42,682.9 | 39,623.2 | 82,306.1 |
| Apr | 12,010.0 | 10,934.8 | 11,794.0 | 3932.0 | 4525.0 | 43,195.8 | 39,380.1 | 82,575.9 |
| May | 10,018.8 | 8992.7 | 8744.0 | 3677.0 | 4242.0 | 35,674.5 | 35,697.5 | 71,371.9 |
| Jun | 10,442.1 | 8925.4 | 7894.0 | 3906.0 | 3772.0 | 34,939.6 | 35,333.2 | 70,272.8 |
| Jul | 10,972.6 | 8977.9 | 8594.0 | 3890.0 | 3722.0 | 36,156.6 | 35,453.6 | 71,610.1 |
| Aug | 10,583.8 | 9467.6 | 9094.0 | 3862.0 | 3713.0 | 36,720.4 | 36,005.2 | 72,725.6 |
| Sep | 10,870.5 | 9562.1 | 9204.0 | 3964.0 | 3733.0 | 37,333.6 | 35,287.8 | 72,621.4 |
| Oct | 10,438.7 | 9593.5 | 9204.0 | 4161.0 | 3873.0 | 37,270.3 | 35,865.4 | 73,135.7 |
| Nov | 11,121.0 | 9622.0 | 9204.0 | 4490.0 | 3843.0 | 38,280.0 | 36,719.8 | 74,999.8 |
| Dec | 11,063.1 | 9654.7 | 9204.0 | 4643.0 | 3883.0 | 38,447.8 | 37,061.0 | 75,508.8 |
| Average | 11,313.2 | 9869.8 | 9409.8 | 4181.5 | 4090.1 | 38,864.5 | 37,157.1 | 76,021.6 |
Appendix C: Oil Production Data 2021
Country level crude oil production for 2021 (Mb/d) – selected months.
| Date | United States | Russia | Saudi Arabia | Canada | Iraq | Total top 5 | Other | Total |
|---|---|---|---|---|---|---|---|---|
| Jan | 11,056.4 | 9765.9 | 9294.0 | 4598.0 | 3885.0 | 38,599.2 | 37,422.6 | 76,021.9 |
| Feb | 9773.1 | 9709.0 | 8394.0 | 4402.0 | 3975.0 | 36,253.0 | 37,617.3 | 73,870.3 |
| Mar | 11,159.6 | 9858.9 | 8344.0 | 4476.0 | 4025.0 | 37,863.5 | 37,988.2 | 75,851.7 |
| Apr | 11,230.2 | 10,072.5 | 8344.0 | 4121.0 | 4025.0 | 37,792.7 | 37,597.1 | 75,389.8 |
| May | 11,333.8 | 10,063.2 | 8676.0 | 4193.0 | 4025.0 | 38,291.0 | 37,625.1 | 75,916.1 |
| Jun | 11,288.2 | 10,015.0 | 9141.0 | 4442.0 | 3975.0 | 38,861.2 | 37,655.4 | 76,516.6 |
| Jul | 11,329.9 | 10,057.4 | 9650.0 | 4499.0 | 4025.0 | 39,561.3 | 38,137.4 | 77,698.6 |
| Aug | 11,206.2 | 10,022.2 | 9752.1 | 4428.0 | 4100.0 | 39,508.5 | 37,771.1 | 77,279.6 |
| Sep | 10,851.3 | 10,312.4 | 9854.3 | 4350.0 | 4150.0 | 39,518.0 | 38,112.1 | 77,630.0 |
| Oct | 11,526.3 | 10,439.2 | 10,006.4 | 4634.0 | 4225.0 | 40,830.8 | 38,142.7 | 78,973.6 |
| Nov | 11,769.2 | 10,502.6 | 10,108.6 | 4660.0 | 4275.0 | 41,315.3 | 38,518.7 | 79,834.1 |
| Dec | 11,586.6 | 10,499.4 | 10,110.7 | 4453.0 | 4325.0 | 40,974.8 | 38,546.8 | 79,521.6 |
| Average | 11,175.9 | 10,109.8 | 9306.3 | 4438.0 | 4084.2 | 39,114.1 | 37,927.9 | 77,042.0 |
Appendix D: Oil and the Role of OPEC
OPEC is a major player in world oil markets, producing more than 30% of world oil (Table Appendix D). Given the size of their large market share, OPEC decisions to change oil production can have (and has had) dramatic effects on world oil markets. In 2020 OPEC produced 25,335.4 million barrels per day. This amount increased slightly in 2021 to 26,230.8 million barrels per day. The largest major OPEC oil-producing countries are Saudi Arabia, Iraq, and Iran, respectively, producing roughly half of total OPEC oil.
Crude Oil Production OPEC Countries 2020 and 2021.
| Iran | Iraq | Kuwait | Nigeria | Saudi Arabia | Other members | Grand total | |
|---|---|---|---|---|---|---|---|
| 2020 (Million barrels per day) | |||||||
|
|
|||||||
| 20-Jan | 2695 | 4575 | 2817 | 1989.3 | 10,044 | 6063.9 | 28,184.2 |
| 20-Feb | 2735 | 4675 | 2817 | 1959.3 | 9944 | 5292 | 27,422.4 |
| 20-Mar | 2685 | 4525 | 3012 | 1939.3 | 9994 | 5093.9 | 27,249.3 |
| 20-Apr | 2660 | 4525 | 3119 | 1889.3 | 11,794 | 5062.5 | 29,049.8 |
| 20-May | 2660 | 4242 | 2305 | 1809.3 | 8744 | 4583.7 | 24,344 |
| 20-Jun | 2635 | 3772 | 2195 | 1659.3 | 7894 | 4421.9 | 22,577.3 |
| 20-Jul | 2585 | 3722 | 2265 | 1646.2 | 8594 | 4229.3 | 23,041.5 |
| 20-Aug | 2585 | 3713 | 2400 | 1695.7 | 9094 | 4140.9 | 23,628.7 |
| 20-Sep | 2585 | 3733 | 2400 | 1701.5 | 9204 | 4249.7 | 23,873.2 |
| 20-Oct | 2585 | 3873 | 2400 | 1744.2 | 9204 | 4556.5 | 24,362.7 |
| 20-Nov | 2635 | 3843 | 2410 | 1677.8 | 9204 | 5250.9 | 25,020.7 |
| 20-Dec | 2685 | 3883 | 2410 | 1590.5 | 9204 | 5498.7 | 25,271.2 |
| Average | 2644.2 | 4090.1 | 2545.8 | 1775.2 | 9409.8 | 4870.3 | 25,335.4 |
|
|
|||||||
| 2021 (million barrels per day) | |||||||
|
|
|||||||
| 21-Jan | 2745 | 3885 | 2440 | 1462.6 | 9294 | 5487.9 | 25,314.5 |
| 21-Feb | 2895 | 3975 | 2440 | 1594.5 | 8394 | 5505.5 | 24,804 |
| 21-Mar | 2995 | 4025 | 2440 | 1589.2 | 8344 | 5626.8 | 25,020 |
| 21-Apr | 3155 | 4025 | 2440 | 1539.2 | 8344 | 5275.2 | 24,778.4 |
| 21-May | 3155 | 4025 | 2470 | 1579.2 | 8676 | 5344.6 | 25,249.8 |
| 21-Jun | 3205 | 3975 | 2493 | 1549.2 | 9141 | 5263.5 | 25,626.8 |
| 21-Jul | 3205 | 4025 | 2530 | 1579.2 | 9650 | 5452.8 | 26,442 |
| 21-Aug | 3155 | 4100 | 2560 | 1409.2 | 9752.1 | 5452.9 | 26,429.3 |
| 21-Sep | 3155 | 4150 | 2580 | 1559.2 | 9854.3 | 5508.4 | 26,806.9 |
| 21-Oct | 3155 | 4225 | 2610 | 1519.2 | 10,006.4 | 5543.7 | 27,059.3 |
| 21-Nov | 3207.2 | 4275 | 2649.6 | 1589.2 | 10,108.6 | 5582 | 27,411.5 |
| 21-Dec | 3284.4 | 4325 | 2666 | 1529.2 | 10,110.7 | 5677.5 | 27,592.8 |
| Average | 3109.3 | 4084.2 | 2526.5 | 1541.6 | 9306.3 | 5476.7 | 26,044.6 |
COVID-19: impact on oil producer rents (2021).
| Region | Price per barrel (USD) | Oil production rents (billion/USD) | |
|---|---|---|---|
| Gross | Excluding variable cost | ||
| World oil | $20 | $562.4 | $478.1 |
| Production (billion/barrel) | $30 | $843.6 | $717.1 |
| 28.1 | $40 | $1120.0 | $952.0 |
| Top 5 oil producers | $20 | $285.5 | $242.7 |
| Production (billion/barrel) | $30 | $428.3 | $364.1 |
| 14.3 | $40 | $572.0 | $486.2 |
| OPEC | $20 | $184.9 | $157.2 |
| Production (billion/barrels) | $30 | $277.4 | $235.8 |
| 9.2 | $40 | $368.0 | $312.8 |
-
Authors’ calculations.
To put world oil in perspective, Table Appendix D2 gives the oil production rents for 2021 for world oil, top five oil producers, and OPEC. Gross production rent assumes a perfectly inelastic supply curve.
References
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© 2022 Walter de Gruyter GmbH, Berlin/Boston
Artikel in diesem Heft
- Frontmatter
- Research Articles
- Impacts of COVID-19 on U.S. Seafood Availability
- Explaining Post-Pandemic Lumber Price Volatility and its Welfare Effects
- COVID-19 Impacts on United States Crawfish
- The Impact of COVID-19 on World Oil Producers: Time is Important
- Resilience of U.S. Cattle and Beef Sectors: Lessons from COVID-19
- Pandemic Produce: Impacts of COVID-19 on Florida’s Fruit and Vegetable Industries
- Impact of COVID-19 (2020–2022) on Cotton and Garments Market of Bangladesh: A Small Country Case
Artikel in diesem Heft
- Frontmatter
- Research Articles
- Impacts of COVID-19 on U.S. Seafood Availability
- Explaining Post-Pandemic Lumber Price Volatility and its Welfare Effects
- COVID-19 Impacts on United States Crawfish
- The Impact of COVID-19 on World Oil Producers: Time is Important
- Resilience of U.S. Cattle and Beef Sectors: Lessons from COVID-19
- Pandemic Produce: Impacts of COVID-19 on Florida’s Fruit and Vegetable Industries
- Impact of COVID-19 (2020–2022) on Cotton and Garments Market of Bangladesh: A Small Country Case
