The oil industry has been on a wild ride this year – and not just because of the coronavirus pandemic. Oil prices were already under pressure due to dropping demand amidst a glut in supply, leading the Organisation of Petroleum Exporting Countries (OPEC) and other top producers such as Russia to jointly cut production last year. Early this year, when the Covid-19 situation began to escalate, OPEC – led by Saudi Arabia – proposed further cuts in response to sluggish demand. However, after Russia declined to cut production, the kingdom also boosted supply, which led to a steep decline in oil prices. In April 2020, WTI crude oil reached negative territory for the first time ever, plummeting to a low of -$40.32 per barrel, with Brent crude also dropping below $20 per ...read more...
SectorOil & Gas