The price of oil from the United States fell to record low levels not recorded since 1999.
About this UKRINFORM reports with reference to BBC.
“The price per barrel of West Texas Intermediate (WTI), the main product of crude oil on Monday fell by 19.3% to 14.74 USD — a record low since 1999,” reads the message.
It is noted that there is a further trend of falling demand for “black gold”. This is due to the fact that the world oil market came under great pressure during a pandemic, the coronavirus that causes the fall in demand occurred rather abruptly and significantly. The oil industry is trying to cope with excessive inventory of this resource, reducing the price still further.
As you know, earlier in April, the OPEC countries and their partners finally reached agreement on a global reduction of oil production by about 10%. This is unprecedented in the history of the agreement on the reduction of production of “black gold”.