Why did oil price drop this time?

Discussion in 'Business & Economics' started by Saint, Apr 22, 2020.

  1. Saint Valued Senior Member

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    Why did oil price drop this time?
     
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  3. river

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    Over stock .

    Less demand .
     
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  5. Michael 345 New year. PRESENT is 70 years old Valued Senior Member

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    From just what I hear on news

    Currently less, massive less demand

    Hence storage, both in the petrol station and storage depo

    Some company have bought oil years ago to be delivered later

    Later has arrived, oil is delivered, no where to put it

    Told to take it back

    Crazy situation

    Why not stop producing?

    Fraught with danger, possibility unable to reopen

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  7. mathman Valued Senior Member

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    Many oil producers rely on oil exports for most of their revenue. OPEC plus Russia are trying to set up quotas.
     
  8. gmilam Valued Senior Member

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    Supply and demand.

    Personally, I just bought gas for the first time in 6 weeks.
     

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