The world is struggling to survive due to Coronavirus. It has also devasted the oil market.
The world is under lockdown due to Coronavirus, due to which there has been a huge decline in demand for crude oil. At the same time, there is a continuous decline in its prices as well. Crude WTI is trading under 19 dollars a barrel. Now it is trading at 18.45 dollars a barrel.
The OPEC has also stated that the world market for crude is undergoing an unprecedented shock, due to falling demand.
“The oil market is facing a historic crisis as the demand has lowered due to lockdown announced in most of the countries where transport activities are halted,”. said OPEC.
If the situation does not improve in the coming days, then the oil industry will have to face a big challenge to remain stable.