Oil Market Turmoil: A Historic Drop

This chapter explores the dramatic decline of the oil market amidst the COVID-19 pandemic, highlighting the production cuts agreed upon by major oil producers. It recounts the unprecedented event of negative oil prices on April 20th and the chaotic circumstances leading to it, showcasing both the humor and crisis within the industry. The discussion also delves into the fragile state of fracking companies, the looming debt crisis, and the significant human cost of job losses faced during this economic downturn.