International Journal of Business, Management and Commerce (IJBMC)

This is an article which deals with the implications resulting from the coronavirus crisis in the fields of energy, economic and strategic analysis in the context of International Relations. What we attempt to do is to analyze why oil price declined and how the main producing countries behaved in the international arena with the aim of serving their national interests. Simultaneously, we analyze the causes triggering an oil war, the way that the crisis affected oil companies and States. We also answer to the question whether a small State, namely Cyprus, should review and renew its energy strategy. The answer resulting from the analysis of the Cyprus and Turkish policies and those of the Great and Regional Powers and how they act and affect the political and energy developments in the Eastern Mediterranean Sea where gas resources have been already discovered. Therefore, we propose variables and mechanism in terms of a preventive strategy in order to achieve stability and avert crises and conflicts.