Venezuelan President Nicolás Maduro appointed his economy vice president as interim oil minister and also replaced the head of the state oil company PDVSA

The drop in oil demand by refiners at local level and the exports limited to a minimum at global level due to the coronavirus pandemic, pushed storage capacity to the limit in the producing provinces

Global oil producers would welcome a demand recovery in China, the world’s top crude oil buyer, but not it may not be enough to alleviate a massive global supply glut

The crisis unleashed by the Coronavirus pandemic and the collapse of the international oil prices reactivated the debate on a new implementation of the so-called “Criollo barrel”

Saudi Arabia said it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers

Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. The crude oil had ended the day at a negative $37.63 a barrel

The preventive and compulsory social isolation ordered by the national government had an immediate effect on fuel demand, and oil and petrol stations registered an initial drop in sales of up to 85% across the country

The Organization of the Petroleum Exporting Countries stated that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency stated

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal