Boris Ivanov is the founder and Managing Director of GPB Global Resources. He graduated from Moscow State Institute of International Relations in Russia and formed this company in 2011. GPB Global Resources specialize in petroleum and mineral projects all over the world. They concentrate on various services to companies in the oil, gas and mining industries. Some of these services are acquisition and management of projects, consulting services, financial support for projects development in the up-and-coming market, exploration and productions of oil.
This article from the Exeter Daily is expressing how the COVID-19 is affecting the oil industry during this pandemic. There has been a lot of panic in the oil industry since the COVID-19 began because the demand for oil has dropped rapidly. With so many businesses and corporations being shut down since COVID-19, people are working from home and national lock-downs all over the world, this has definitely been an adversity for the oil industry.
The Governor of Texas believes that there will be a collapse in the oil industry because of the COVID-19 pandemic and the Director of GPB Global Resources deems the same. After countries throughout the world slowly reopen the oil industry should stabilize but it will take some time for this to happen where it’s noticeable. GPB Global Resources predicts that it might be in the mid 2020’s before we witness the stabilization of the oil industry. The oil industries still have to worry about the surplus of oil that has stockpiled during the pandemic.
GPB Global Resources is now concentrating their efforts on Africa. Boris Ivanov believes that African for sure and possibly East Asia will be the next vast opportunity for the oil industry. These countries are under-supplied so the oil industries can take advantage of this and meet Africa’s demand by supplying them with oil. There will be a lot of competition out there for the Africa’s demand for oil. Even though the oil industry has been hit hard by COVID-19, they now need to focus on the opportunities that lie ahead in Africa and East Asia.
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