Aspects that affected by crude oil prices after Covid-19 and the impression of that in Iraq.

Crises, by their environment, are inclined to have an undesirable influence on markets and financial activities. The emergence of COVID-19 has widely affected the global demand for crude oil. Prices continued to fall in January and February 2020, as China demand - the world main crude oil trader and Iraq main customer - ended up shutting down. This pressure increased to turn into the biggest price drop in March 2020. At that time, Iraq goes through the two crises of the Corona virus and the collapse of oil prices. Iraq's commitment to OPEC announcement to reduce its oil production was an issue, and Iraq did not only obtain a smaller amount of the crude oil it produces, as the second largest producer in OPEC, but also decided not to pump the same amount of it. This decision has a crucial impact on oil prices in Iraq using daily information of the crises. The results indicate that both COVID-19 and oil prices are inversely proportional. In addition, this crise has exhausted the Iraqi economy. Iraq was not prepared for such circumstances, logistically or morally. When reviewing oil prices before the emergence of COVID-19, it is impossible to reject the oil market recovery hypothesis. In other words, the results agree with the evidence of market performance before the crisis, and the opposite is completely true, as oil prices collapsed after the emergence of the virus at the end of 2019. The question here is whether or not we will be ready or prepared for such circumstances. This paper will summarize what Iraq has gone through concerning the oil markets, aspiring to benefit from this crisis. Although oil prices are recovering somewhat, this does not mean that the Covid-19 shock will be transient and may have long-term belongings. [ABSTRACT FROM AUTHOR]