After a record dip in US crude oil price, Niti Aayog Chief Executive Officer Amitabh Kant said oil had become cheaper than “a bottle of coke”. Notably, US crude oil prices crashed to its lowest record in the country’s history on Monday.
“History! Oil now cheaper than a bottle of coke! Never imagined this crash & Coronavirus would both happen in my lifetime,” Kant tweeted.
Meanwhile, the price of US crude oil collapsed from $18 per barrel to negative $38 as North American oil producers ran out of space to store oil, thus creating an oversupply of oil during the coronavirus crisis. Oil producers were forced to pay buyers to take an excessive amount of oil as they did not have any space to store it. However, things improved shortly afterward, and the WTI crude oil is currently priced at $ 1.450 per barrel.