The Gulf countries are already forcing a large number of migrant workers to go back to their home countries
Newsclick’s Prabir Purkayastha analyses the state of the global oil market, the geo-strategic implications and the future of oil consumption keeping in mind the nature of the pandemic
For the first time in history, US crude oil prices became negative. Prices of West Texas Intermediate (WTI) crude oil for May fell to -$37 per barrel on April 20. Why did this fall happen?
The fall in the futures market shows that the production cut by OPEC+ members may not be enough to address the drastic drop in demand due to the ongoing COVID-19 pandemic
Total global production of oil may go down by 15% with promises from some non-OPEC countries as well. However, this may not be sufficient to stop the fall in international oil prices