Fuel prices in the world market are the lowest in 18 years

Corona-pandemic has reduced oil prices in the world market again. Has fallen to the lowest position in 18 years.

One case in the United States is oil extraction. Photo: AFP

On Monday, the price of crude oil fell 8 percent to $ 22.58 a barrel.Which is the lowest since November 2002.US crude oil prices dropped below $ 20. The BBC reported in a online report .From the beginning of the current year, the price of oil in the world market is falling. Last month, prices dropped by almost half.Fuel demand has been largely reduced due to the impact of the novel coronavirus epidemic worldwide. Aviation has stopped in the country. Due to the lockdown, people could not get out of the house. Demand for all is reduced.

OPEC and non-OPEC countries meeting in the Austrian capital of Vienna to review the current market situation and determine the fuel economy.The decision is to increase crude oil production by 1.5 million barrels a day.Which is about 3.6 percent of the world's total supply.OPEC hoped that Russia would agree to reduce production of 500,000 barrels per day.However, Russia did not agree.Because of this, the issue of a new contract is dissolved.

Effect of oil prices on Friday fell drastically. Saudi Aramco reduced oil prices last Saturday.