Due to the surplus in the market, oil producers and petroleum product manufacturers are taking extreme measures, reports Financial Times.
Currently, the cost of VLCC has dropped to $167,000 a day.
On the contrary, the price of and demand for tankers has gone up.
Globally speaking, 100 million barrels of oil and petroleum products are consumed on a daily basis.
Due to the coronavirus, discharge has become difficult at many harbors, particularly in the US.
Experts rate supply at the level of 25 million barrels. The OPEC+ deal should reduce oil extraction by 9.7 million barrels before May 1.
