The available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries.
Let's take a look at the winners and losers:
OPEC’s second-largest oil producer Iraq sells most of the crude it produces. And due to the historic plunge in the oil prices, the country's State Oil Marketing Organisation has reintroduced freight subsidies to woo European and American buyers.
To avert a nationwide strike, Nigeria released 22 ExxonMobil employees after its bonny light crude oil was trading at a low price.
However, a major Nigerian oil union suspended planned industrial action after the employees, who were quarantined last week, were freed.
The country is in the category of low oil-producing countries and the number of crude oil cargoes available for export from Angola in May eased on lacklustre demand amid record low prices.
Rather than cutting back on imports, China pushed crude oil into storage tanks at almost double the rate in the first quarter of this year than it did in the same period in 2019 as the new coronavirus hit domestic consumption.
US crude prices bounced back into positive territory on Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut.
West Texas Intermediate for May delivery was changing hands at $1.10 a barrel after diving to an unprecedented low of -$37.63 in New York as the pandemic brings the global economy, transport and factory activity to a halt.
The commodity rout sent Asian equities sharply lower.
Tokyo ended the morning 1.6 percent lower, while Hong Kong, Sydney, Seoul, Taipei and Manila were also more than one percent lower.
Shanghai and Singapore both shed 0.8 percent, and there were also losses in Jakarta and Wellington.