AIRINC Global Petrol Price Tracker: Q2 2020
The COVID-19 pandemic has caused a historic drop in demand for petroleum products. In addition to reduction of fuel use for air and sea transport, on-road passenger travel has been impacted as consumers are driving significantly shorter distances and less often.
Storage for crude and refined fuels is finite, and even with crude production reduced under an April OPEC+ agreement, tanks on land and ships at sea are at risk of reaching capacity. Due to this, crude oil prices have plummeted and on April 20, crude oil futures plunged into negative territory for the first time in history.