The crude oil prices has gone lower than zero dollar per barrel. Due to corona virus pandemic, many countries are in emergency states and in condition of full or partial lock down. This has made almost clousres of factories, industries and movements of vehicles worldwide which has resulted low demand of oil in world.
A worker pours liquid oil into a barrel at the delayed coker unit of the Duna oil refinery operated by MOL Hungarian Oil and Gas Plc in Szazhalombatta, Hungary, on Tuesday, July 9, 2013. Hungary refiner Mol may take part in oil exploration in Montenegro after country calls tender in July, daily Magyar Hirlap says. Photographer: Akos Stiller/Bloomberg
Due to excessive oil production, the companies are almost going to bankrupt. It has assumed that almost more than hundrends american oil companies are in devastating state. This has also brought in storage problem of crude oils in many countries.
