Impact of Coronavirus felt all over the world


With the death toll rising continuously form the coronavirus, it has crippled the economy of China and has also had a major impact on the world economy

The race in the Formula One which was scheduled to take place in Shanghai has now been postponed and the years Mobile World which was to be held in Barcelona has also been cancelled. The prices of oil have gone down by 20% of their peaks in January and this has raised the prospects that OPEC is going to cut the production once again.

However it is not just OPEC which is going to feel this pinch it is also China which has turned the gas tankers away slashing the prices of gas in half.

The secretary-general of Gas Exporting Countries, Yury Sentyurin has said that this is a tough situation as any contract between the buyers and sellers is going to have a unique clause which is going to be known as the force majeure for a few of the events as well as situation with are beyond the influence of the participates of parties of contracts.

Sentyurin has pointed out that there might be a few delays and postponements in the contracts however they have argued that the situation is temporary as fortunately the life has been moving on and people continue to live produce and consume and are also going to continue their consumption as per the point of view of Sentyurin.

United Nations has said that the oceans are warming and the ice caps are melting and they may cause the sea levels to go up by a meter by the time the century ends.

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