English | دری

U.S Oil Prices Crashed into Negative Territory

in International Business

U.S Oil Prices Crashed into Negative Territory

Oil price in the U.S has plunged more than 100% to about -$40 as demand dries up and storage capacity dwindles amid the COVID-19 pandemic.

This is the first time in the history of the U.S that oil price has fallen below zero. This means that producers are viagra canda paying buyers to take the oil off their hands.

This comes despite an Opec-backed deal to slash global crude supply by about 10% earlier this month. The deal was the largest cut in oil production ever to have been agreed.

The oil sector is facing two women viagra battles: low demand and in-fighting among producers about reducing output.

Major oil exporting countries-Opec and allies such as Russia- have already agreed to cute production by record amount. The US and other countries have made commercial decisions to cut output. However, cutting down output might not have a major impact as capacity is filling fast on land and at sea.

With extended lockdowns it’s likely to see further decline in oil prices.

Photo credit: Graph is taken from the Financial Times.


Tags assigned to this article:
US oil market

Related Articles

Spain funding situation ‘very difficult’, PM Rajoy says

Spain’s prime minister has said it is “very difficult” for the country to get funds. He was speaking amid growing

Sharp cuts 5000 jobs

Japan’s Sharp Corporation reported a net loss of 138.4bn yen for the April to June period, prompting a cut of

China’s Double Whammy of Slowing Exports and Imports Growth

China’s exports rose by only 1% from a year earlier, down from 11.3% growth in June; meanwhile, imports rose by

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.

cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china