Due to a lack of global demand for oil, for the first time in history, the value of oil has fallen below $0. On Monday, barrels for delivery in the month of May fell to negative $37 per barrel.
Crude oil once dug up from the ground cannot be put back in. This has opened up avenues for some thin business to get rid of contracts for the next couple of months.
However, even with the value crash, production has not yet been diminished. It has only led to an increase in prices meant for oil storage facilities and refineries.
This is bound to make way for some severe disbalance in the economy.
