Crude oil prices have reached the lowest level in 18 years in the global market

The Coronavirus, along with other industries, has also severely affected the oil industry and the price of crude in the global market has dropped by 15% due to a decrease in demand.

The Coronavirus is seriously affecting the world economy, spreading to more than 166 countries around the world, with crude oil prices reaching the lowest levels in history.

US crude oil prices have reached the lowest level in 18 years on the global market and its barrel price has fallen by 15% to $ 22.90, and Brent Crude Oil has reached the lowest level in the global market since 2016, Brent crude oil is down 9 percent at $ 26 a barrel.

The sharp decline in crude oil prices in the global market began when Russia, the leading oil-producing country, refused to approve the demand for OPEC, a 14-nation oil-producing organization led by Saudi Arabia.

OPEC says the Coronavirus has affected industries around the world, especially as the tourism and airlines sector has been severely affected, which has also reduced oil demand.

Saudi Arabia wanted Russia, including OPEC, which is not a member of the OPEC, to cut oil production to maintain oil prices in the global market, but after Russia’s refusal, OPEC countries also refused to cut crude oil production. done.

Coronavirus is estimated to have infected more than 255,000 people worldwide, while the death toll has risen to 8,885.

China, Italy, Spain, France, and Malaysia have been locked down after the Coronavirus, while several countries have banned flights from overseas.

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