Decline in demand for oil due to the coronavirus epidemic, further reinforced by the demise of the OPEC+ production cuts agreement, has crashed the US and world markets, sending traders into a panic-selling mode. The ongoing market turmoil will certainly hit the oil industry heavily, but the impact is likely to reach far beyond it, CEO and chief global strategist at Euro Pacific Capital Peter Schiff believes.

"A lot of the heavily indebted energy companies are clearly going to go bankrupt and so, ultimately, those that survive will be in a position to make even more money as the price of oil re-bounce, which I do expect to happen," Schiff told RT, adding that well capitalized oil companies will survive the crisis and ultimately benefit from it, once the prices start to pick up.