The negative oil price has also highlighted the failure of Organization of the Petroleum Exporting Countries (OPEC+) and G20 to bring about the oil balance for supply and demand.
Until the lockdown is removed in most of the countries, the aeroplanes start to operate, the economy starts humming (not necessarily to the full capacity) and the demand reaches 93 to 95 % of the pre-pandemic period, oil prices will be controlled by COVID-19 driven market, and not by OPEC+ or President Trump, writes Dr. Bhamy V Shenoy.
Not one foreign oil company showed any interest in auction for 55 blocks covering 59,282 sq.km. Reliance, BP, Niko absent in the initial bidding round
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