Over the last few days, oil prices worldwide have plunged dramatically, at one point even falling into the negatives. A global lack of demand for oil, driven by the coronavirus pandemic, has caused oil markets to struggle with plummeting prices. Though it may seem complicated at first glance, the issue is relatively simple: given the lack of transport worldwide, oil use has gone down.
This means the companies holding the oil have more and more of it to hold, to the point where they’re beginning to run out of holding space. With this, shipments are being turned back, and the asking price for a barrel of oil reached around negative $40 a barrel. Oil and gas companies are taking major hits, with some filing for