Corona has certainly created havoc. But, surprisingly, it is not only the germ that is to be blamed. There is more to it than meets the eye. Since the last few years, global price harmony has been hurting. The United States has been actively involved in negotiations with the second and the third largest oil producers of the world: Russia and Saudi Arabia respectively. In the year 2017, a consensus among the top crude drillers of the world was achieved in which it was mutually agreed that reductions in the global crude cache of varying magnitudes will be continued till April 2022. It was backed by the US, the Organisation of the Petroleum Exporting Countries (OPEC) and Russia as well.
