2020 Cilt 39 Sayı 2

Permanent URI for this collectionhttps://hdl.handle.net/11452/20354

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    The effects of covid-19 crisis on energy markets of the world and Turkey
    (Bursa Uludağ Üniversitesi, 2020) Kavaz, İsmail
    The Covid-19 pandemic has deeply affected many areas of life. Energy markets are one of the sectors that mostly suffer from this process. These markets faced serious shocks as a result of negative reflections of the Covid-19 epidemic. The decline in global oil demand in this period brought along a sharp decrease in prices in a very short time. During the pandemic period, the stagnation in economic activities caused a decline in electricity consumption as in the oil. In brief, many countries had to change their demand patterns on energy resources during the epidemic period. On the other hand, Turkey has experienced this process more positively compared to many countries. As being dependent on external suppliers in petroleum products, Turkey purchased the cheap oil from the market and stored this energy sources when the prices were low. Therefore, a significant advantage has been provided in terms of reducing the energy bill of the country. In addition, in the period of the epidemic spread around Europe and an important decrease to be seen in the electricity consumption of countries in here, Turkey has shown a good performance. The electricity consumption amount that is parallel with the increase in economic activities has indicated that industrial and commercial operations did not slowdown in Turkey as much as the European countries during the epidemic period. This study evaluates the developments in energy markets in the world and Turkey by discussing how the epidemic started to show its negative effects. In this sense, the study aims to analyze the energy markets in terms of consumption-price movements and develop policy recommendations for the post-crisis period.