Lowest oil price since 2003 is

Oseberg oil platformAn aerial view of the Oseberg oil platform in the Norwegian sea.Photo Helge Hansen/NTB Scanpix

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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

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1 Comment on "Lowest oil price since 2003 is"

  1. 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?

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