The impact of Covid-19 pandemic is particularly visible on the demand for oil and oil products as governments announced restrictions designed to respond to the health crisis. Even though the oil and oil product prices dropped to their lowest level in almost four years, the demand still declines dramatically in the world. The negative demand shock is both global and regional. Economic difficulties around the world and the disruption of global value chains reduced demand for goods and services, most notably for oil and oil products. Regional demand also declined as a result of the abrupt reduction in local economic activity as it did in Turkey. Moreover, uncertainties about the spread of the virus is expected to have adverse impacts on the investment and consumption levels in all countries.