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
With the historic low oil prices, the price of gasoline/diesel on the pumps are still the same 15nok/L. How come!? When the Oil price rises, or driving season in US starts, or price or rice in China jumps up, the prices on the pumps follow upward. When it’s time to go down, they are stuck!. Please investigate that phenomenon?