North Sea oil trades for $ 23.5 a barrel on Monday, the lowest level since 2003.
Since the New Year, oil prices have fallen by 65 per cent, writes Dagens Næringsliv.
American light oil fell below $ 20 a barrel a night, but Monday morning the price was $ 20.5 a barrel.
“This is a historic oil price collapse. We will see increased production shutdown,” said former Energy Advisor Jason Bordoff of the Obama Administration and head of the Center on Global Energy Policy at Columbia University, to the Financial Times.
The extreme measures taken by many countries against the Coronavirus have caused a sharp fall in oil demand. In addition, the supply side has been strengthened since Opec and Russia have not agreed on a new production cut agreement.
© NTB Scanpix / #Norway Today