OPEC Says Oil is Market Experiencing Historic Shock


The Organisation of the Petroleum Exporting Countries (OPEC) again on Thursday said that the world market for crude is undergoing an unpredictable knock due to the novel COVID-19 mitigation measures that have drastically reduced the demand. 

"The oil market is undergoing an historic shock that's sudden, extreme and at a worldwide scale".

The group has now forecast an historical drop of about 6.9 million barrels per day as an average daily demand for 2020. 

The oil market has collapsed in 2020 since 18 years which was $21.65 per barrel due to the fall in oil demand, after which a report was released by OPEC, Russia and other oil producing countries around the globe has reached an agreement to cut oil production per day.

The forecast is less than that of An international Energy Agency based in Paris that on Wednesday advised a 29 million barrel per day (bpd) in April 2020. 

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