Abstract
Falling oil prices raise questions about the future of the energy industry globally, regionally and locally, as well as the role of fossil fuels in the transition to a more sustainable energy future after the pandemic. The global economy is already undergoing an energy transition from fossil fuels to more sustainable energy sources. Renewable energy is increasingly deflationary, and oil prices will have to compete with it, despite falling oil prices driven by the economy and pandemic. It is not known what life will look like in the post-«COVID-19» oil industry, even if oil demand returns to normal, supply consumption will take some time. We may see further diversification in the energy market and for renewable energy to play a greater role. However, it is important that energy resources are balanced in a sustainable and equitable way that supports the growth of the V.P. TUDORACHE1*, Associate Professor PhD. Eng. at Petroleum-Gas University of Ploiesti, Vice-President of A.G.I.R. Prahova branch. N. ILIAS2 , Professor PhD. Eng. at University of Petrosani, Member of the Academy for Technical Sciences of Romania,President of the Section Oil, Mine and Geonomy Engineering D. FODOR2 , Professor PhD. Eng. at University of Petrosani, Universitatii, no. 20, code 3332006, Petrosani, Hunedoara, Romania, and Member of the Academy for Technical Sciences of Romania, Member of the International Mining Committee 1* Author for correspondence. E-mail: valentin.tudorache@yahoo.com https://doi.org/10.37878/2708-0080/2020-5.035 6 НЕФТЬ И ГАЗ 2020 6 (120) COVID-19 И НЕФТЯНАЯ ПРОМЫШЛЕННОСТЬ world economy. The objective of the United Nations Sustainable Development to ensure access to "affordable, reliable, sustainable and modern energy for all" will be largely based on policy makers, company strategies and prices
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