Two-thirds of the world’s passenger air fleet is grounded and fewer cars are hitting the roads as COVID-19 rages across the globe. This unprecedented reality has diminished the global demand for oil products and caused a historical fall in their prices.

On April 20, traders were left speechless as worst expectations came true: U.S. crude oil futures for May plunged to negative -$37 for the first time ever. In March, member states of the Organization of the Petroleum Exporting Countries (OPEC) began losing $500 million in revenues daily.