What Made Indian Oil Prices To Suddenly Change At This Time?

If you read our previous blog on gas prices in Tamil Nadu on Coronavirus: How Gas Prices Reacted Differently in Tamil Nadu?, then you would know how gas prices in the southern state has not changed a decimal point since the beginning of the lockdown on March 24th. Read more to learn about how these prices will be affected now that relaxations are being implemented in lockdown 5.0.

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Coronavirus: How Gas Prices Reacted Differently in Tamil Nadu?

As Russia and Saudi Arabia went on a face-off for the oil race, the excessive amount of pumping oil led to overproduction where countries are finding it hard to find space for storage. Since the United States pumped the most oil in 2019 with 13 million barrels a day, many US oil companies might even file for bankruptcy by the end of this year if the coronavirus pandemic still continues. Therefore, Russia has promised to slow down production in order to stabilize oil prices since they recently went below zero. This unnecessary fight has not only affected these three countries, but also the economy of most of the countries on the planet.

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