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Tag: Crude oil

Oil-storage tanks are seen from above in Carson, California, April 25, 2020 after the price for crude plunged into negative territory for the first time in history on April 20. Although oil prices have stabilized somewhat since the unprecedented dive, the world remains in the throes of a glut of crude oil caused by a precipitous fall in demand due to the global coronavirus pandemic coupled with a lack of storage capacity for crude already in transit or still being produced.

Oil Prices Soar to Six-Year High Amidst OPEC Plus Infighting, Creating Winners and Losers

Infighting among key players of the Organization of the Petroleum Exporting Countries (OPEC) Plus alliance has caused oil production levels to remain virtually unchanged despite increasing demand. As a result, prices have soared, threatening post-pandemic...