United States: Producers pay buyers for oil

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Bloomberg News reported that the demand for oil in the US market has dropped to the point where some producers are willing to pay customers to “help“ them to free up their oil inventories. The Mercuria Energy Group was recently ready to pay 19 cents per barrel of crude oil removed from storage.
United States: Producers pay buyers for oil
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According to Elisabeth Murphy, an analyst at ESAI Energy, in areas where oil depots are filling up quickly, prices may fall to negative levels. In addition, some oil companies are trading below 10 USD / barrel like Oklahoma Sour selling for 5.75 USD / barrel, while Wyoming Sweet only selling for 3 USD / barrel. 

Bloomberg noted that due to the world economy slowing down due to the Covid-19 epidemic, the demand for crude oil was falling, forcing some manufacturers to lower prices. On average, 100 million barrels of oil is consumed every day globally, but that number has dropped by a quarter in the past few weeks.

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