What drives crude oil prices high when weak demand during pandemic?

Crude oil prices depends from OPEC, Russia and allies agreement on keeping supply lower. Less oil supply = higher prices. It’s exactly what OPEC countries, Russia and US need. In last two months Brent crude doubled in price by cutting 10% of global supply from the market.

WTI May futures shown negative $-40 after after US run out of the storage capacity. For Saudi Arabia low oil prices resulted in social payments reduction (most of employees work in government organizations) and tax rise to 15% from 5%. For Nigeria low crude prices means uncertainty about future growth. For Russia (crude prices fell after Russia walked away from OPEC+ agreement) low crude prices means no income for budget and more poverty. For India low crude prices are beneficial but India did not use this situation (same old bureaucratic inefficiency). For China it’s a gift for fueling economy while restarting it.

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