As the new type of coronavirus epidemic transformed into a pandemic, transportation and industry came to a halt, rapidly lowering world oil prices. Despite the decline in oil demand, the continuation of oil supply at pre-pandemic levels is shown as the most important reason for this decline.

For the first time in history, the countries’ oil storage capacities have reached a filling point, resulted in the price for a barrel of West Texas Intermediate crude oil sharply curtailed Monday, falling into negative territory.

Oil sellers had to pay money to give their oil to buyers. This situation, which is

Read more: ANALYSIS - COVID-19's blow to energy markets