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The paper endeavours to explore and analyse some critical issues in the oil and gas market that cropped up around the spread of COVID-19 and tries to identify the key drivers and triggers pertaining therewith. The spread of the first wave that began in March 2020 is crucial because of the global economic downturn that ensued due to lockdown and imposed restrictions coupled with a protracted oil price war that began between Saudi Arabia and Russia. The paper tries to address some key research questions to understand the triggers and drivers around the pandemic. These are: (1) whether the behaviour of OPEC or its key players around the pandemic could be considered uniquely different; (2) what could the triggers be for the increased volatilities that cropped up in both physical and financial markets during the pandemic; (3) what was really different about the oil market crisis around the pandemic that transformed it to an unprecedented storage crisis; (4) what really went wrong with the much-hyped U.S. shale boom during the pandemic that led to the bankruptcy of several oil and gas companies, followed by huge job losses. The paper relies on a structured review of relevant secondary literature to address these exploratory questions and builds upon a retrospective rumination on the world oil market from 1960 to 2020. This is complemented by an analysis of supporting data and evidence obtained from various sources. Considering the intertwining of oil and financial markets around the pandemic, the lessons and findings from the paper would not only be highly relevant for policymakers and stakeholders in the oil and gas sector but would be equally relevant for those in the financial markets. [ABSTRACT FROM AUTHOR]

This article describes the hydrocarbon reserves in the oil and gas provinces of Russia's Arctic territory, as well as specific features of the region's raw hydrocarbon potential. It has been noted that the implementation of Arctic hydrocarbon-associated projects requires that a unified transport and logistics system be created, with the Northern Sea Route being the basis. The factors affecting the volume of cargo transportation along the Arctic routes are presented. It has been established that the hydrocarbon extraction and liquefied natural gas production in the Russian Arctic zone is the most important factor in the formation of cargo flows along the Northern Sea Route. The most significant oil and gas projects that comprise the bulk of freight traffic flow along the Arctic transportation corridors have been reviewed. The ports, as the main element of the Arctic transport system, are described in terms of their state and infrastructure. It has been indicated that the construction, modernization, and operation of the Arctic ports are closely related to the creation of long-distance railway corridors, and the construction of new railway lines leading to the Arctic Basin ports can serve as a reliable basis for the growth of the Northern Sea Route's cargo potential. A conclusion has been drawn about the special significance of the Murmansk region for the formation of the Arctic transport system. [ABSTRACT FROM AUTHOR]