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