On April 20, the West Texas Intermediate crude benchmark did not just fall below zero, it plummeted to negative $37.63 a barrel . This stunning price crash was the result of a months-long series of unfortunate events, starting with a global decrease in oil demand spurred by the spread of COVID-19. When the leading OPEC+ countries of Saudi Arabia and Russia initiated talks to decide on a strategy to contend with the global slump in oil demand, the talks quickly developed into disagreement and then an all-out oil price war. That price war led to a massive oil glut to the tune of approximately about 10 million barrels of oversupply on the global oil market per day. While oil markets have bounced back from negative territory, oil prices remain low, and the issues that caused the crash – a global pandemic, a massive oil glut, and a severe shortage […]