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The global oil market was subjected to a unique shock during 2020, and especially during the first half of it, due to the Corona virus pandemic and its implications on all aspects of economic and social activities, as governments around the world imposed strict restrictions on mobility, and world trade declined. Oil market began to recover from pandemic during 2021, with major support from acceleration vaccination campaigns. However, the pace of the recovery was remarkably variance, in light of the repeated imposition of Covid-19 restrictions in some countries around the world, against the emergence of new variants of the virus. During 2022, global oil market recovery continued, but it went through remarkable fluctuations caused by several factors, the most important of which was the Russian-Ukrainian crisis, which raised concerns about energy security, in addition to the slowdown in global economy performance, the sharp rise in inflation rates, and the Disruptions in supply chains. The study mainly aims to follow Covid-19 pandemic repercussions developments on global oil market, especially since there are some countries that are still imposing strict restrictions to limit the spread of the Corona virus, such as China the largest global oil importer and the 2nd largest consumer, which adheres to the zero- Covid policy. And In case of the world are unable to live with this matter, global oil markets may be exposed to an indeterminate strength new shock. The study includes two parts, the first part of the study was devoted to reviewing the repercussions of the Corona virus pandemic on the global oil market, while the second part deals with the future prospects for the global oil market after Covid-19 pandemic. One of the most important conclusions of this study is that global oil market has witnessed a remarkable recovery from the repercussions of Covid-19 pandemic, but the market future prospects are still surrounded by a great deal of uncertainty and blur, oil market balance is still dependent on the interaction of a number of interlocking factors, as this balance is linked to global economy ability to coexist with the possibility of the emergence of a new variant of the Corona virus, as well as The repercussions arising from the escalating geopolitical tensions in Eastern Europe. The study also concluded that the global oil demand recovery following the easing and abolition of the Covid-19 restrictions showed the importance of ensuring the energy supply security, which requires OAPEC member countries to enhance their production capacity as a major source of global oil supply, and to secure their market share. Continued coordination and cooperation between OAPEC member countries and other oil producing and exporting countries, within the framework of the OPEC+ alliance, is essential to achieving balance and stability in oil markets, especially in times of global crises.
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