Experts have indicated that the decline in the price of crude oil barrels is that they have not witnessed before, meaning that the barrel of crude oil may reach 1 country, and the reason is due to the spread of Corona disease in the world due to the economic recession that the world is witnessing from the great stoppage in all industries and products due to the pandemic of spread Corona emerging virus.
Crude oil prices:
After the recent and historical decline, the price of a barrel of crude oil from West Texas reached at an unprecedented time, reaching 1.04 countries. This shows that the decline in the US crude barrel, in general, is 94%, which is a very sharp drop.
For his part, Arab exports, especially the Kingdom of Saudi Arabia, declined due to the spread of Corona virus, where the Russian Oil Company decided to reduce its production by 40 thousand barrels per day after the global agreement, as oil prices change compared to supply and demand, where official data today showed a decline in Saudi exports of oil Crude last two months, February and February to about 7 million barrels per day.
Reasons for the drop in crude oil prices
Experts and analysts expressed that the reason behind the decline in oil prices due to the decrease in demand for oil and the increase in supply, which had not been witnessed before due to the fullness of the international stock and the lack of demand for it, due to the pandemic of the emergence of the new Corona virus and all the storage depots of American oil approached to fill, as the global oil markets witnessed a state of Economic stagnation due to the disruption of the wheel and economic activities around the world and the stop of giant factories with the spread of the Corona virus and the consumption of countries implementing measures to combat and control this virus.