Oil’s Viral Meltdown

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Last week oil marked its biggest weekly loss in over 5 years due to virus threat

China is the world’s largest importer of oil, the country’s shutdown amid the coronavirus outbreaks meant a sharp decline in demand for crude oil. China imports around 10 million barrels a day, and the sudden low demand has caused oil prices to plummet to just below $50 a barrel.

In response Saudi Arabia is pushing OPEC to cut production by an additional 1 million barrels a day, to bare the brunt.

viralmeltdown oil
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Leave a Comment

Your email address will not be published.

Join our newsletter
Get eco-up-to-date for your next dinner

A five minute read that will catch you up with all the environmental news you need to know. Start your day becoming better and follow it doing better!

You may also like