Historical Events tagged with "saudi-arabia"
Turns out history loves a label—battles, breakthroughs, and the occasional disaster, all neatly tagged for your browsing pleasure. Because sometimes you just need every weird invention in one place.
Historic Drop of Oil Prices Below Zero
In April 2020, oil prices plunged below zero for the first time in history due to the collapse of demand amid the COVID-19 pandemic coupled with a price war between Russia and Saudi Arabia. This unprecedented situation caused traders to pay others to take oil off their hands, highlighting the crippling excess supply and lack of storage options. The price drop particularly affected U.S. oil benchmark, West Texas Intermediate (WTI), which saw a dramatic fall that left experts stunned and realized the extent of the global economic disruptions caused by the pandemic.
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