The US oil market plummeted to 18-year lows and below $18 a barrel on Friday following a hike as the demand for oil witnessed a downfall with storage facilities touching their limits. The WTI crude fell to $28 a barrel with anticipations that the stocks may keep filling till May.
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Major oil producers decided to shut their wells as overwhelming storage facilities pose a major threat. As per the experts in the field, the US shale industry is expected to shrink by more than 2 million barrels a day as the crude oil continue to crash forcing oil producers to shut down their fracking rigs. Amidst Friday uncertainties in the oil market, the energy ministers of Russia and Saudi Arabia released a joint statement wherein they indicated about incorporating deeper oil production cuts to stabilize the prices.
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