Bloomberg news website published on March 30, titled "the oil price fell to a 17-year low, the crude oil market of flood damage, according to the report, as the world's largest economies because of social public events into the blockade, crude oil prices have fallen to their lowest levels for 17 years, the market slump in demand and difficult to deal with the impact of the excess oil.
Oil futures fell sharply in London and plunged in New York, the report said.
Light crude for may delivery ended the day down $1.42, or 6.60 percent, at $20.09 a barrel on the New York mercantile exchange, xinhua reported on March 30.
In London, brent crude for may delivery fell $2.17, or 8.70%, to close at $22.76 a barrel.
The physical oil market is struggling to store fuel in a double whammy of declining demand due to public events and the unwillingness of Saudi Arabia and Russia to compromise in a damaging battle for market share, bloomberg news website said.
Oil prices have fallen more than 66 per cent this year.
Saudi Arabia said Tuesday it had not contacted Russia about cutting output or expanding the Opec + oil producers' alliance.
Russia has also taken a firm stand.
'current oil prices are unpleasant, but they are not a disaster for Russia,' Mr. Sorokin said.
"The demand concerns are critical, but they are well known," dahl said.
What has really reduced demand is the signal from Saudi Arabia and Russia that they intend to continue on their current path.
Market hopes for a deal have been dashed."
According to reports, an Opec representative said Opec countries did not support the group's President's call for emergency talks on falling oil prices.
Algeria, which holds the rotating presidency of Opec, this week urged the secretariat to set up a panel to assess market conditions, but the request fell short of the majority needed.
Saudi Arabia was one of the countries to oppose the proposal.
The world typically USES 100m barrels of oil a day, but traders and analysts estimate that consumption has fallen by a quarter in the past few weeks, the report said.
More than a century after stable oil supplies became crucial to the global economy, consumption has not accelerated.
The stock market crash of 1929, the two oil shocks of the 1970s and the global financial crisis were far from triggering this phenomenon.