Impact of Covid-۱۹ on Iranian Oil vis-à-vis OPEC: Looking for its Consequences on Global Economy

The paper aims to examine transcendental impact of Covid-۱۹ on the oil industry of Iran as well as on the Organization of Petroleum Exporting Countries. The paper examines postulates that the pandemic had impacted oil and at one point of time world has witnessed sharp decline of the demand of oil. As world was under lockdown for months with varied intensity in different countries, demand for oil was sharply declined due to less economic activities. Being as important oil producer, Covid-۱۹ has also impacted Iranian economy. The paper intends to examine pandemic’s deep impact on its economy. Economic fallout of Covid-۱۹ equally is significant and visible in other oil producing countries i.e. OPEC. As oil price in the global market has been decided by the interplay between demand and supply of oil, therefore, it is necessary to understand its impact on the global economy as well. The paper outlines the trajectory of Covid-induced fall and rise of oil price(s) at the global level and its consequences at the international level. The paper makes an attempt to capture and understand Iranian economic measures to cope with Covid-۱۹ economically. It has been witnessed that Iran has been facing wave after wave of corona and struggling to keep its economy in shape. It is the strong pillar of Resistance Economy started way back in ۲۰۱۳ has given strength to Iran to mitigate the destruction posed by Covid-۱۹. As the graph of the ups and downs of the price of oil has a spiraling effect on other commodities as well as on the whole economy, its impact is immense. Last but not the least the paper would trace out its long term and transformative consequences, if any in long dureé.