Crude oil demand is decreasing with every passing day. Due to pandemic coronavirus, many oil-exporting countries are facing lockdown and resulting in a considerable fall in the application of crude oil in the global market. Crude Oil prices in April forecasted to be as low as $20 per barrel.
As the crude oil demand is decreasing throughout the globe, very soon oil inventories will over-flow. The need for crude oil is going to increase for the duration as expected. As all the countries are planning to increase the lockdown due to pandemic. Demand growth is negative for this year.
The sudden fall in demand and price has not affected the supply. Still, many of the oil and petroleum-producing countries are extracting crude oil as usual. OPEC and OPEC+ nations are discussing crude oil production cut. Many senior analysts are claiming production cut as per OPEC+ deal will not be enough. All countries should think and work on the production cut as soon as possible. Else, very more quickly Crude oil prices are going to hit a 30-year low.
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