Banglahunt Desk: Oil prices below zero! Such a tie is 1 in the US Fearing that there would be no place to store crude oil in May, oil prices fell by one cent a barrel. Due to which there is already a possibility of huge losses in the world economy including America. All in all, the lowest crude oil price in 36 years. No one can tell where this fall will go if Corona infection is not prevented from spreading.
The price of a liter of crude oil in Indian currency has now gone up to Tk 7.13, which is less than the price of a 1-liter water bottle. At present, the price of a barrel (159 liters) of crude oil is Rs 1,140.
In India as well, fuel demand has declined due to nationwide lockouts. According to statistics, the current demand for oil in India is 70 per cent less than the current demand. As a result, the oil industry is bleeding every day. Demand in March this year has decreased by 5 percent compared to last year. As the lockdown progresses, the amount of damage will increase. Which will weaken us economically.
In the wake of declining oil demand nationwide, top companies have their storage tanks full. As a result, companies have been forced to reduce refinement of crude oil.
Indian Oil Corporation (IOC) has reduced crude processing in India from 5% to 5% to “avoid tank top-up situation”. Meanwhile, South India-based Mangalore Refineries and Petrochemicals Ltd have already shut down one-third of its 300,000 bpd refining capacity and are preparing to shut down the rest next week as demand declines, a source said.
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