<Anchor> As the
world's demand for crude oil fell sharply under the influence of Corona 19, the situation of unprecedented international oil prices fell to 'minus'. WTI, US West Texas crude oil price trend. Oil prices, which have been on a steady decline since January, recorded 'minus $ 37.63' per barrel. So, it means that you put money back on the side of buying the crude oil, and it happened because the demand disappeared and there was no place to store the accumulated crude oil.
First, reporter Lee Seong-hoon points out in detail.
<Reporter>
Recently, there are more and more oil tankers floating in the world's major ports.
Since there is no empty storage tank on the land, it is floating with crude oil.
Only this amount was 160 million barrels, up nearly 30% in a month.
[Jim Buckhard / IHSMarket Oil Market Manager: There is too much crude oil supply and there is not enough place to store it. Sellers are paying buyers to sell crude oil.]
This minus oil price broke out as buyers who had no way to store crude oil sold their supplies over the imminent delivery of May.
Although there is an analysis of short-term phenomena due to the nature of futures trading, the outlook for oil prices remains unclear, with the currency value of Latin American crude oil exporters falling right away.
On the 12th, major oil-producing countries agreed to cut 9.7 million barrels per day of crude oil, but the decline in demand is 30 million barrels per day, which is not enough to eliminate oversupply.
Korea, a country that imports crude oil, is in a situation where it is difficult to expect the effect of low oil prices.
[Lee, Kwang-Woo / LG Economic Research Institute Senior Researcher: In the case of airlines and oil refineries, the demand itself is sluggish, so it is unlikely that you will see the benefits of cost reduction. It is expected to benefit from courier and logistics.]
(Video editing: Kim Jong-tae)
▶ The more refined, the more damage ... The domestic refinery industry is also `` corona shock ''
There is no place to store crude oil ... The first 'minus oil price'
2020-04-21T12:35:09.233Z
As the world's demand for crude oil fell sharply under the influence of Corona 19, the situation of unprecedented oil prices fell into the 'minus'. WTI, US West Texas crude oil price trend. Oil prices, which have been on a steady decline since January, recorded 'minus $ 37.63' per barrel.
Source: sbskr