Major oil exporting countries will go for a tail spin if COVID-19 situation drags on

Newsroom24x7 Network

Mumbai: The oil prices have plummeted to below zero level as the world has come to a grinding halt due to the disastrous COVID-19 lockdown and it’s sharp adverse impact is being felt the most by the oil rich petroleum exporting countries in the middle-East.

Due to the unprecedented price fluctuation in the international markets in Crude Oil, the due date rate for Crude Oil futures contract that was under finalisation even as the contract rate was to expire Monday 20 April 20, 2020, the decision has been taken that in the interim, the provisional settlement price for April 20, 2020 was to be considered as Rs. 1 per barrel for the computation of members’ obligation for trade date April 20, 2020. Differential settlement, if any, on fixation of the final settlement price shall be done subsequently.

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