Deep Dive with AKB – Oil’s great slide: What this means for India
The oil market recently saw something that it had never seen before. For the first time in history, the prices slid to less than zero on 20th April. Because of a supply glut in the wake of the global coronavirus crisis, and a demand slump, US crude oil futures collapsed to less than $38 per barrel. Desperate traders were paying to get rid of oil. So much so that President Donald Trump had to intervene and announce that the US would add 75 million barrels to its strategic petroleum reserves. The Organization of the Petroleum Exporting Countries (OPEC), also stepped in along Russia and other allies, and announced a cut in production.
